On November 17, 2023, Vietnam Report announced the VNR500 Ranking - Top 500 Largest Enterprises in Vietnam for the year 2023. In this ranking, the top positions show little change, with Hoa Phat Group Joint Stock Company maintaining its stronghold at the number one spot, surpassing even Vingroup in this ranking.
In the second position is Vingroup, which, for the past five consecutive years from 2017 to 2021, had consistently held the top position but relinquished it to Hoa Phat Group last year.
Mobile World Investment Corporation rose to the third position, replacing Masan Group. The fourth position is occupied by the Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) also experienced a shift, moving up from the tenth to the eighth position. The subsequent positions belong to Thanh Cong Group and Hoa Sen Group (HSG), standing at the tenth position.
The year 2023 has proven to be challenging, causing a slowdown in economic development that has impacted every business. A series of external factors (fluctuations in the international market across various sectors, including the economy, politics, and military) and internal difficulties (an externally dependent open economy, undergoing a severe crisis due to the COVID-19 pandemic, bottlenecks in many markets from real estate to bonds) have led many businesses to close.
In the first 9 months of the year, the GDP increased by 4.24% compared to the same period last year. However, when compared to the period from 2011 to 2023, this growth rate is only higher than the growth in the first 9 months of 2020 and 2021, without fully recovering to pre-pandemic levels.
According to Vietnam Report's survey results, the revenue, profit, and order volume of businesses have all significantly decreased this year. Even for businesses performing well, the growth rate is minimal, accounting for only about 5% of the businesses present in the market.