PetroVietnam named most profitable firm in Vietnam

  • Oct 24, 2020
  • CPV

The Vietnam Oil and Gas Group (PetroVietnam) topped the Profit500 list, which was compiled by the Vietnam Report JSC and online newspaper VietNamNet under the Ministry of Information and Communications.

It was followed by the Samsung Electronics Thai Nguyen Co. Ltd, the Military Industry and Telecom Group (Viettel), the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), Honda Vietnam, the Vingroup JSC, the PetroVietnam Gas Joint Stock Corporation, the Vietnam Bank for Agriculture and Rural Development (Agribank), the Vietnam Technological and Commercial Joint Stock Bank (Techcombank), and the Vietnam Dairy Products JSC (Vinamilk).

Those winning a reputation award in the food industry included Vinamilk, the CP Vietnam Livestock JSC, the Masan Group, the VISSAN JSC, the FrieslandCampina Vietnam JSC, and the Mondelez Kinh Do Vietnam JSC.

Pham Anh Tuan, a representative from VietNamNet, said this year was the first time a global economic crisis has been triggered by a pandemic and the term “new normal” introduced when it comes to socio-economic recovery efforts and the resumption of businesses’ operations.

In that context, “profit” alone is not enough for enterprises, it must be “sustainable profit” based on internal strengths, adaptability to the market, and brand reputation, Tuan said.

Enterprises honoured are those with efficient and sustainable production and business activities, as well as high profitability amid a number of challenges caused by the pandemic-triggered crisis, Tuan said, adding that they also possess a firm foothold in their industries and are capable of becoming pillars of Vietnam’s future economic development.