return icon

Telecom industry expects high growth in the next five years

Five sectors of telecoms, information and technology, clean agriculture, clean technologies, retail, healthcare and pharmaceuticals have potential for high growth in the next three years.



A production line at An Tien Industries JSC. The company tops the list of the FAST500 ranking. — Photo



This was revealed in the FAST 500 Ranking Lists 2020, drawn up annually since 2011, which was announced by the Viet Nam Report on Wednesday.

The survey said this also reflects the current development trend of promoting technologies in parallel to protect local firms. They, therefore, have enhanced clean technologies, applying IT in automation, machine learning and data exchanges to reduce time and saving costs as well as strengthen connection among countries.

In addition, the demand for healthcare has been always a top priority, especially amid the outbreak of the novel coronavirus.

The compound annual growth rate (CAGR) of FAST500 firms in 2015-19 saw stability, as the index rose by 28 per cent. The private economic sector had seen strong development in the period, continuing to be the main momentum of the economy with the highest CAGR of 30.1 per cent.

The number of businesses in the sector also made up the highest portion of 74.2 per cent. The private companies have proven their potential for the country’s economic development in recent years thank to their stable growth and increasing contribution to the FAST500 ranking. The sector has created 42 per cent of the country’s GDP, contributing 30 per cent to the State budget and employing 85 per cent of the total labourers nationwide.

The stable economy and high GDP growth in recent years in Viet Nam have been a good foundation for development of service and technology sectors, especially food and beverage, retail, telecommunication and IT. The FAST500 list this year continues to see the presence of the sector with high revenue growth.

The surveyed firms said the growth of the local and regional markets in the past five years has been the biggest contribution to their growth, following by development of new products, expanding existing markets, developing new market segments and availability of skilled labourers at competitive costs.

Businesses in the FAST500 believed that the growth of the domestic and regional markets would continue to be the main contributor to their development in the next three years, in addition to their efforts in expanding markets and developing new products.

The survey also revealed that the affects of COVID-19, the rising of rivals, increase of inputs and complicated administrative procedures have been challenges for FAST500’s businesses.

The enterprises said they would focus on four strategies to overcome the difficulties including increasing revenue in existing markets, improving product quality, introducing new products and reducing costs.

The FAST500 list is based on independent research and assessment of Viet Nam Report JSC. It complies with international standards and was drawn up in consultation with domestic and foreign experts.

The FAST 500 rankings are also based on international standards, including the models of the Inc 500, Fortune 500 and Deloitte 500.

This is the ninth consecutive year of the FAST 500 list in Viet Nam. The performance of the companies was calculated by the CAGR on revenue in the 2009-12 period and also based on criteria such as total assets, the number of workers, after-tax profits and prestige in the media.

The award ceremony will be organised on August 6 in Ha Noi. VNS

Top 10 of FAST500:

An Tien Industries JSC

Quang Ninh Port JSC

Khai Anh – Binh Thuan Import-Export Trading Company

577 Corporation

Thuan Duc JSC

Hawee Company


Digital Novaon Group

Transimex JSC

10. Ecoba Viet Nam JSC

Tech, telecom firms thrive during Covid-19

Tech, telecom firms thrive during Covid-19

Technology firms and telcos are believed to be doing well thanks to the higher demand for technological solutions to organize the work-from-home regime. 

Opportunities abound for telecoms services

Opportunities abound for telecoms services

Vietnam’s telecommunication market is becoming more attractive to overseas investors, propelled by the government’s strategy to consider it a key driver for the country’s digital economy


YouTube to be removed from TVs if it contains 'dirty' content

Cross-border social media, such as Facebook, TikTok and YouTube, will be prohibited in Vietnam if they are uncooperative. The Ministry of Information and Communications (MIC) says it will be firm when handling violations to ensure a clean cyberspace.

Vietnam considers giving visa waiver for golf tourists

Tourism experts have recommended allowing a unilateral visa waiver for 30 days for golf tourists and tourists travelers on special airplanes.

VN to universalize personal digital signature to develop digital economy

Many Vietnamese digital signature authentication service providers are seeking answers about the use of one digital signature for individual citizens.

Disbursement of public investments stuck, VND1 quadrillion deposited at banks

Minister of Finance Ho Duc Phoc said since capital for public investments cannot be disbursed, the Ministry of Finance has had to leave VND1 quadrillion worth of capital at banks with the interest rate of 0.8 percent per annum.

Russian film companies to join Telefim Vietnam 2023

Eighteen Russian firms will attend the International Exhibition of Film, Technology, Radio and Television (Telefim Vietnam) 2023 that will take place in Ho Chi Minh City from June 8-10.

VN to consider downgrading COVID-19 to flu-like status

According to the health ministry's statistics, to date, Vietnam has recorded over 11.6 million COVID-19 infections, with total recoveries logged at 10.63 million.

Bronze age artefacts found in Dak Nong

The Central Highlands province of Dak Nong has recently discovered numerous artefacts belonging to inhabitants dating back 3,500 years.


Vietnamese nationals rescued from Philippine human trafficking ring return home

Nha Trang Sea Festival director dies in accident

A Khanh Hoa Television Station director has died after falling off a scaffold while conducting an inspection of the grandstands of the Nha Trang Sea Festival 2023 on Monday.

Khanh Hoa reclaims resort mansion of late King Bao Dai

Authorities in the central coastal province of Khanh Hoa have just reclaimed a complex of five French style villas which used to host late King Bao Dai and his family during their holidays for better preservation.

Vietnam among top three attractive destinations for RoK visitors

Vietnam is among the top three most favourite tourist destinations for Korean visitors in Asia, according to statistics from KB Kookmin Card of the Republic of Korea (RoK).


Vietnam's GDP growth slows in Q1 ahead of expected recovery

VN received 4.6mil foreign visitors in five months, over half the year’s target

Vietnam welcomed nearly 4.6 million international arrivals in the first five months of 2023, soaring 12.6-fold from the same period last year, according to the latest report from the General Statistics Office (GSO).

Japanese dolls go on display in Da Nang

An exhibition of Japanese dolls celebrating the 50th anniversary of the establishment of diplomatic relations between Japan and Vietnam will open at the central city’s Fine Arts Museum on May 30.

International chess masters to play in Da Nang

The city’s culture and sports department said the tournament will see chess masters playing in a round-robin in four groups, with two top each qualifying in the quarter-finals.