Vietnam’s economic landscape is adorned with dynamic corporations that play pivotal roles in its growth from energy giants to leading financial institutions. These companies stand as pillars, driving Vietnam’s progress on the global stage. This article unveils the top 15 largest companies in Vietnam, showcasing their influence across various sectors and their significant contributions to the nation’s economic development.
1. SAMSUNG ELECTRONICS Vietnam COMPANY LIMITED
In 2021, Samsung Vietnam business successfully navigated the challenges posed by the COVID-19 pandemic, achieving notable growth in both revenue and exports compared to the preceding year. The group reported a substantial increase in revenue, reaching $74.2 billion, marking a 14% surge from 2020. Additionally, export turnover rose to $65.5 billion, signifying a significant 16% uptick compared to the previous year.
The success was further propelled by the global resonance of Samsung’s product launches, particularly the Galaxy Z Fold 3 and Galaxy Z Flip 3, both manufactured in Vietnam. These strategic phone lines played a pivotal role in bolstering Samsung Vietnam’s revenue, with over 4 million units sold worldwide in 2021, quadrupling the figures from 2020. Market research conducted by Counterpoint indicated a remarkable shift in the US market, where folding phone sales escalated from 0.6% in 2020 to an impressive 12% in 2021.
Presently, over 50% of Samsung phones are produced in Vietnam, with smart mobile products from Samsung’s Vietnamese factories exported to 128 countries and territories globally. Samsung Vietnam operates six manufacturing plants in Bac Ninh, Thai Nguyen, and Ho Chi Minh City, alongside one R&D center in Hanoi and a sales entity. As part of Samsung’s development plan, Vietnam is poised to transcend its role as a key global production base, evolving into a strategic R&D center. To enhance research and development capabilities in the medium and long term, Samsung is investing up to $220 million in the construction of a new Research and Development Center in Hanoi. The investment underlines Samsung’s commitment to elevating Vietnam’s role in its global operations.
2. Vietnam OIL AND GAS GROUP – PETROVietnam
In 2021, the Vietnam Oil and Gas Group surpassed its annual revenue target, achieving VND 620.2 trillion, reflecting a remarkable 28% increase compared to 2020. The consolidated pre-tax profit also witnessed a substantial surge, soaring to 2.2 times the figures recorded in 2020.
Petro Vietnam businesses navigated through the challenges posed by the epidemic by capitalizing on business opportunities arising from fluctuations in oil prices and the broader recovery of the global economy. Notably, the group demonstrated commendable performance in various sectors:
- Crude oil production exceeded expectations, reaching 10.97 million tons, surpassing the planned target by 1.25 million tons.
- Petroleum production showcased robust growth, totaling 6.37 million tons, surpassing the year’s plan by 0.1% and marking a significant 9.5% increase compared to 2020.
- Fertilizer production in 2021 reached 1.91 million tons, exceeding the target by 286 thousand tons, indicating a notable 6.0% uptick compared to the previous year.
These achievements underscore Petro-Vietnam’s resilience and strategic acumen in navigating a challenging economic landscape.
3. Vietnamese ELECTRICITY
When mentioning the biggest company in Vietnam, we cannot help but mention Vietnamese ELECTRICITY. As of the end of 2021, the Electricity du Vietnam (EVN) reported a consolidated asset value totaling VND 731,000 billion, equivalent to a 100.2% increase compared to 2020. Notably, equity reached VND 255,000 billion, reflecting a significant 6.2% upswing from the previous year.
The overall installed capacity of power sources within the EVN system stood at 76,620 MW, marking a substantial increase of nearly 7,500 MW compared to 2020. Noteworthy is the surge in renewable energy capacity, encompassing wind and solar power, which reached 20,670 MW—an augmentation of 3,420 MW compared to 2020, constituting 27.0% of the total capacity. This places Vietnam’s power system at the forefront of the ASEAN region in terms of power capacity.
In terms of electricity production, EVN delivered a total of 225.3 billion kWh of commercial electricity, reflecting a 3.85% increase compared to 2020. The growth was distributed among various subsidiaries, with EVNNPC leading with a notable increase of 9.31%, EVNCPC growing by 6.33%, EVNHANOI by 3.28%, and EVNSPC by 1.32%. However, EVNHCMC experienced a decrease of 5.42% compared to the figures recorded in 2020. These statistics showcase the dynamic landscape of EVN’s electricity production across its regional entities.
4. VIETTEL GROUP
In 2021, Viettel Group, boasting a workforce of over 40,000 employees, emerged as the telecommunications industry leader with stellar financial performance. The company reported staggering revenue of VND 274 trillion and a substantial profit of VND 40.1 trillion.
VIETTEL GROUP is the biggest company In Vietnam in terms of telecommunication. During the same year, Viettel’s brand value soared, securing a 32-place jump to a global ranking of 325, with an estimated value of $6.061 billion. Notably, Viettel earned recognition as the best workplace in Vietnam within the Hardware Technology – Infrastructure – Telecommunications sector.
In the telecommunications landscape, Viettel achieved remarkable success in African markets, experiencing a record growth of 37%. Notably, Mytel, a subsidiary, attained the top position in Myanmar’s market share, boasting 31.5% with 11.2 million subscribers.
Within Vietnam, Viettel maintained its leading position as the premier network operator, boasting the largest 5G coverage with 150 stations spread across 16 provinces and cities. The company also played a pivotal role in the country’s epidemic prevention and control efforts by deploying digital solutions and platforms in collaboration with the government.
In the realm of manufacturing research and high-tech industries, Viettel showcased its technological prowess by testing a comprehensive 5G network, encompassing core network, transmission network, and radio network. This initiative contributed to the completion of Viettel’s 5G telecommunications infrastructure ecosystem.
Demonstrating its commitment to national digital transformation, Viettel extended its influence to the agricultural sector by onboarding over 25,000 agricultural production households onto its e-commerce platform.
Furthermore, Viettel’s retail business maintained robust growth, with revenue surging by 30% and profit by an impressive 43% in 2021. These accomplishments underscore Viettel’s multifaceted success across diverse sectors and its integral role in advancing Vietnam’s digital landscape.
5. Vietnam NATIONAL PETROLEUM GROUP – PETROLIMEX
In 2021, Vietnam National Petroleum Group (Petrolimex) achieved a notable revenue of nearly VND 169,000 billion. The financial report for the fourth quarter of 2021 highlighted Petrolimex’s robust performance, with a record net revenue of VND 49,372 billion—an impressive 58% increase over the same period. However, financial expenses surged by nearly 59% to VND 260 billion.
After deducting expenses, Petrolimex’s after-tax profit for the fourth quarter amounted to VND 701 billion, marking a 30% decline compared to the corresponding period. Specifically, the parent company’s after-tax profit was VND 595 billion, reflecting a notable 36% decrease compared to 2020.
Petrolimex reported a decrease in petroleum trading volume during the fourth quarter, equivalent to 90% of the same period in 2020. The cost of goods increased, primarily attributed to a sharp rise in gasoline prices, resulting in a 0.6% decrease in gross profit margin to 7.5%. Nevertheless, the group’s gross profit from sales and services for the entire year reached VND 12,706 billion, demonstrating a substantial 27% increase compared to 2020.
For the entire year, Petrolimex reported an after-tax profit of VND 3,111 billion, marking a noteworthy 2.5 times increase compared to the same period in 2020. The parent company’s after-tax profit was VND 2,830 billion, nearly three times higher than the figures recorded in the corresponding period. Both revenue and profit indexes exceeded the planned targets, surpassing 25% and 13%, respectively. These achievements underscore Petrolimex’s resilience and strategic success in navigating market challenges and achieving substantial financial growth in 2021.
6. Vietnam NATIONAL COAL AND MINERAL INDUSTRIES HOLDING CORPORATION LIMITED
NATIONAL COAL AND MINERAL INDUSTRIES HOLDING CORPORATION LIMITED is one of the Vietnam largest companies In 2021. Vietnam National Coal and Mineral Industries Holding Corporation Limited, under the guidance of its General Director, surpassed both revenue and profit targets, showcasing robust financial performance.
To be specific, the Group’s revenue for the year was estimated at VND 128.6 trillion, exceeding the plan by reaching 104%. The profit also outperformed expectations, reaching VND 3.5 trillion, equal to 116% of the plan and a remarkable 113% growth compared to the same period in 2020. A significant portion of the revenue, approximately VND 72.5 trillion, was attributed to coal-related activities.
Vietnam NATIONAL COAL AND MINERAL INDUSTRIES HOLDING CORPORATION LIMITED is a very big company in Vietnam. The corporation’s coal exploitation operations in 2021 saw a notable increase, with 40.2 million tons of coal extracted, representing a 7% growth compared to 2020. The consumption of coal rose by 6%, reaching nearly 45 million tons, with domestic consumption accounting for almost 43 million tons, signifying a 4% increase. The total coal inventory at the end of the year stood at 8.3 million tons.
In addition to coal, Vietnam National Coal and Mineral Industries Holding Corporation Limited engaged in the production of other minerals. Notably, the corporation produced 1.43 million tons of alumina and successfully sold 1.45 million tons. Furthermore, they extracted 99.6 thousand tons of copper crystals and generated 10.5 billion kWh of electricity.
Looking ahead, the company has set an ambitious revenue target of VND 131.6 trillion for 2022, aiming for a 2% increase compared to the achieved result in 2021. These accomplishments and future plans emphasize the corporation’s resilience, efficient operations, and strategic outlook in the coal and mineral industries. These are the reasons why this group is on the list of companies in Vietnam and seem the the biggest company in Vietnam in terms of mineral and coal
7. MOBILE WORLD INVESTMENT JOINT STOCK COMPANY
In 2021, Mobile World (MWG) faced significant challenges due to the impact of the Covid-19 pandemic. Despite these hurdles, the company demonstrated resilience and achieved notable financial results.
The consolidated net revenue for the year reached VND 122,958 billion, marking a 13% increase compared to 2020 and achieving 98% of the year’s plan. Profit after tax also showed strong growth, reaching VND 4,901 billion, a 25% increase from the previous year and surpassing 103% of the annual plan.
The first 9 months of 2021 were particularly challenging, with about 2,000 The Gioi Di Dong and Dien May XANH stores closing due to the impact of the fourth outbreak. Consequently, MWG’s revenue during this period only reached 70% of the whole year’s target. However, as social-distancing measures were lifted in the last 3 months of the year, MWG experienced a remarkable surge in revenue and profit, reaching record levels since its inception.
In the fourth quarter alone, MWG’s revenue grew by an impressive 33%, and profit after tax increased by 66% compared to the same period.
The pandemic heightened the demand for online shopping in 2021, contributing to MWG’s online revenue reaching VND 14,370 billion—a remarkable 53% increase compared to 2020. This achievement positioned MWG as the leader in online retail sales volume in Vietnam.
Simultaneously, there was an increased demand for grocery shopping during the epidemic. Bach Hoa Xanh, a subsidiary of MWG, achieved sales of more than VND 28,200 billion, marking a 33% increase compared to 2020. This success solidified Bach Hoa Xanh as one of the three largest retailers of food and consumer goods in Vietnam, boasting more than 2,000 points of sale.
Looking ahead to 2022, Mobile World has set ambitious targets, aiming for VND 140,000 billion in revenue and VND 6,350 billion in after-tax profit—a respective increase of 14% and 30% compared to the results in 2021. These projections reflect the company’s confidence in its ability to sustain growth and navigate challenges in the evolving business landscape.
8. VINGROUP JOINT STOCK COMPANY
In 2021, Vingroup’s primary revenue source remained the real estate segment, contributing VND 78,800 billion, which constituted 63% of the total revenue.
However, the financial performance of Vingroup in the fourth quarter of 2021 took a challenging turn, recording a consolidated loss before tax exceeding VND 6,369 billion, with an after-tax loss of VND 9,249 billion.
VINGROUP JOINT STOCK COMPANY is top 10 companies in Vietnam. For the entire year of 2021, Vingroup reported a net revenue of VND 125,306 billion, reflecting a 13% increase compared to the same period in the previous year. Despite this growth, the profit before tax was VND 3,346 billion, while the loss after tax amounted to VND 7,523 billion.
Notably, Vinhomes, a subsidiary of Vingroup, achieved significant milestones in 2021. The total consolidated net revenue for Vinhomes reached VND 85,094 billion, showing a substantial 19% growth compared to 2020. The total consolidated profit before tax was VND 48,469 billion, and the consolidated profit after tax of the parent company amounted to VND 39,017 billion. These figures represented a remarkable 33% and 43% increase, respectively, compared to 2020. Vinhomes also set a record by becoming the first enterprise on the stock exchange to achieve a profit exceeding $2 billion in a year. Earnings per share (EPS) for Vinhomes in 2021 stood at VND 9,060.
Despite the challenges faced in the fourth quarter, the diversified portfolio of Vingroup, anchored by the impressive performance of Vinhomes, underscored the company’s resilience and ability to navigate the complexities of the market.
9. JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF Vietnam – BIDV
The financial report of the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) for the fourth quarter of 2021 highlights its impressive growth.
As of the end of 2021, BIDV maintained its position as the commercial bank with the largest total assets in the banking system, amounting to VND 1.76 billion. Simultaneously, it held the highest lending market share, surpassing 13% of the market.
Despite robust growth in non-interest businesses, BIDV secured its status as the bank with the most substantial total operating income in Vietnam, reaching nearly VND 62,400 billion in 2021.
The credit segment emerged as the most profitable for BIDV, contributing to a net interest income of VND 46,817 billion, marking a remarkable 30.7% increase over the preceding year. The notable increase in profit from the lending segment was attributed to a 16.5% reduction in interest expenses and similar costs.
Additionally, the bank experienced substantial growth in non-interest income. Net profit from service activities reached VND 6,614 billion, indicating a growth of 25.6%. The net profit from foreign exchange business rose to VND 1,896 billion, reflecting a 9.45% increase. Net profit from trading securities reached VND 582 billion, showing a nearly 22% increase. Moreover, net profit from other activities exceeded VND 6,000 billion, representing a growth of 19%. However, net profit from trading investment securities saw a sharp decline of 84%, amounting to only VND 236 billion.
After deducting operating expenses of VND 19,361 billion, BIDV’s net profit before risk provisions exceeded VND 43 trillion, significantly surpassing that of major competitors such as Vietcombank, Techcombank, VietinBank, and VPBank. This robust financial performance underscores BIDV’s strength and competitiveness in the banking sector.
10. DOJI GOLD & GEMS GROUP JOINT STOCK COMPANY – DOJI
Since 2016, DOJI has demonstrated continuous revenue growth, outpacing industry giants SJC and PNJ. In 2016, the company achieved a net revenue of nearly VND 47,400 billion, which subsequently increased to nearly VND 52,000 billion in the following year.
However, in the period from 2019 to 2020, DOJI experienced even more substantial revenue growth, reaching an impressive scale of VND 88,900 billion and surpassing VND 100,000 billion for the first time in 2020.
DOJI’s remarkable performance can be attributed to the expansion of its distribution system and the overall expansion of its industry scale, marked by the successful acquisition of several other businesses. Despite these achievements, it’s noteworthy that DOJI’s profit margin remains relatively low compared to the industry average. This is the reason, this GROUP is on the vietnam biggest companies
11. Vietjet Aviation Joint Stock Company
Vietjet is a very famous company in Vietnam, recognized as the first private airline in Vietnam, operating not only in the aviation transport sector but also providing and meeting consumer needs for goods and electronic commerce technology services. In its over 10 years of formation and development, Vietjet has consistently received positive reviews and outstanding awards. Examples include being an official member of the International Air Transport Association, ranking as the world’s highest-rated airline for safety by AirlineRatings.com with a score of 7, and winning the Best Low-Cost Carrier award for 2018–2019. Vietjet has consistently ranked among the top 50 global airlines in terms of operations and financial health in 2018.
12. Hoa Sen Group
Hoa Sen is the first foreign-invested enterprise in Vietnam to own a cold-rolled steel manufacturing plant. With an initial charter capital of 30 billion VND, Hoa Sen has dominated valuable market shares for 20 years in various sectors, including over 40% of the steel market and nearly 20% of the domestic steel pipe market. It is also a leading exporter of steel in Southeast Asia. Building on its solid foundations, Hoa Sen continues to assert its name and position both domestically and internationally.
13. Hoa Phat Group
Hoa Phat Group is renowned as a leading industrial production brand in Vietnam, focusing on four main areas: steel (construction steel, steel pipes, roofing sheets, etc.), other industries (refrigeration, furniture, machinery, equipment, etc.), real estate (industrial zones, residential real estate), and agriculture (animal feed production and farming). In almost every sector it engages in, Hoa Phat has excelled and holds the top position. Notably, the company boasts a 23% market share in construction steel and a 26% market share in steel pipes.
14. Truong Hai Auto Corporation (THACO)
Truong Hai Auto Corporation’s primary activities include manufacturing, assembling, distributing, supplying maintenance and repair services, and providing automobile spare parts. Specifically, THACO produces and trades commercial vehicles, as well as tourist cars for brands such as Kia, Mazda, and Peugeot. At present, the corporation owns a network of over 90 showrooms and more than 60 agents nationwide. Therefore, this Group being on the Vietnam top companies is obvious
15.VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE – Vietinbank
Established on March 26, 1988, as a successor to the State Bank of Vietnam, VietinBank went public successfully on December 25, 2008, and officially listed its shares on the Ho Chi Minh City Stock Exchange (HOSE) on July 16, 2009. With consistently leading total assets, nearly 12% market share in lending, stable capital sources, and a strong customer base, VietinBank remains a key state commercial bank, playing a pivotal role in guiding and contributing significantly to the overall results of the banking sector and the comprehensive socio-economic development of the country.
As of the end of 2019, VietinBank surpassed its planned targets, achieving strong business results through comprehensive restructuring, business model transformation, and effective management of growth quality. The bank successfully controlled non-performing loan ratios at a low level, posting a consolidated profit exceeding VND 11.7 trillion. VietinBank prioritizes international operational standards, adopts advanced global management methods, and leads in the application of science and technology in banking operations. The bank has made synchronized investments in modern technology infrastructure, focusing on developing advanced technology solutions to meet the timely needs of the economy.
In conclusion, the top 15 largest companies in Vietnam encompass diverse sectors, from technology and telecommunications to manufacturing and finance. Their collective success reflects Vietnam’s economic vibrancy and potential on the global stage, underscoring the nation’s dynamic business landscape. Hopefully with the above content you can grasp the economic situation as well as better understand the largest companies in Vietnam
