Banks dominate top 10 best companies report

By Dat Nguyen June 29, 2021 | 03:30 am PT

An employee counts Vietnamese banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy.

Vietnamese banks dominated the top 10 most trustworthy and effective listed companies in a recent report with six entities.

Ranking third to ninth, the banks are Vietcombank, ACB, VPBank, VIB, MBBank and Techcombank, according to a list of best companies in 2021 compiled by Vietnam Report using 2020 data.

Banks have been a strong pillar in the growth of Vietnam’s stock market during recent months, accounting for a third of market cap on the Ho Chi Minh Stock Exchange (HoSE). Some have recorded price increases of 70-80 percent this year.

Vietnam’s banking stocks growth are highest in ASEAN, followed by Thailand and Indonesia, according to U.S. investment bank JP Morgan.

The six banks mentioned had a median compound annual growth rate in profit of 39 percent from 2016 to 2020, with VIB leading at 70 percent, followed by ACB and Techcombank.

In Vietnam Report’s list, the three top places were taken by real estate giant Vinhomes, steelmaker Hoa Phat Group and retailer Mobile World Group, while 10th place was secured by dairy giant Vinamilk.