The Vietnamese unit of Samsung Electronics is the fastest growing business in the Southeast Asian country in 2015, according to a report released Tuesday.
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Samsung Electronics Vietnam Co. Ltd. secured the top notch in the fifth annual FAST500 report, compiled by Vietnam Report Co., a Hanoi-based company that ranks businesses, and newswire VietNamNet.
The Vinacomin Power Corporation LLC, a subsidiary of Vietnam’s coal and minerals giant Vinacomin, comes in at second place, followed by Vung Ang Petroleum JSC, Long Son Co. Ltd., and European Plastic JSC.
Samsung Electronics Vietnam (SEV) is a 100 percent South Korean-invested company headquartered in the northern province of Bac Ninh.
The company began its operations in Vietnam in April 2009 with an initial investment of US$670 million, according to Vietnam Report.
The SEV phone making plant in Bac Ninh is Samsung’s seventh such facility across the world, and Vietnam is among the five countries where the South Korean electronics giant has production, besides China, India, Brazil, and South Korea.
The FAST500 ranks businesses based mostly on their compound annual growth rate (CAGR) between 2010 and 2013, plus growth in 2014 and growth forecast for 2015, the Vietnam Report said on its website.
Other factors including the return on assets and return on equity ratios, as well as the businesses’ reputation, are also counted.
The CAGR is a business and investing specific term for the geometric progression ratio that provides a constant rate of return over the time period.
The average CAGR in the last three consecutive years of the top ten FAST500 businesses is 102.18 percent, according to the report.
The compilers claim that the FAST500 report was built on objective, scientific, and independent principles and is up to international standards, with reference from such popular reports as the Inc500, Fortune500 and Deloitte500.
The FAST500 report has been released annually since its inception in 2011.
“By being present in the FAST500, businesses have demonstrated their activeness, creativity, and effort for growth during the hard domestic and global economic times,” the Vietnam Report said.
“The FAST500 businesses thus deserve the title ‘the rising stars’ of the economy.”
Also on Tuesday, the Vietnam Report released another FAST500 report that exclusively covers small- and medium-sized enterprises in Vietnam to “recognize the active contribution” of these businesses, which outnumber the bigger ones, to the economy.
The FAST500 businesses will be honored in a ceremony scheduled for April 22 in Hanoi, according to the Vietnam Report.
Headquartered in Ba Dinh District, the Vietnam Report is “a pioneer in making reports that rank businesses, products, and services,” according to its website.
The company looks to operate as a marketing consultant and an independent market researcher, with its founders and contributors being experienced experts in those fields.
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