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FAST 500 enterprises maintain high growth by diversifying business fields
Not only getting more heavily into research and development (R&D) for applying new technologies, a lot of enterprises have been trying to expand their business fields to maintain the high growth.
Expanding the production scale and strengthening the distribution network are the works to be done by most of the FAST 500 enterprises (the top 500 enterprises with the highest growth rates recognized by Vietnam Report and VietNamNet newspaper) in 2012 to maintain their high growth rates.
The FAST 500’s enterprises have all turnover growth rates in 2007-2010 of 30 percent per annum at minimum, a very impressive growth rate in the context of the big economic difficulties in the world and in Vietnam.
As for the Vietnam Dairy Products Company (Vinamilk), the challenge would be very big this year, while the company needs to obtain one billion dollars in turnover. Moreover, the goal of listing itself among the world’s top 50 dairy producers with the turnover of 3 billion dollars by 2017 is also a big challenge, especially when economic difficulties are believed to last until the end of the year.
Meanwhile, analysts have warned that TH True Milk would be a redoubtable rival for Vinamilk after it successfully joined the market.
Vinamilk expects to see the turnover increasing by 20 percent and the pretax profit increasing by 13 percent per annum in 2012-2016. Especially, the company plans to jump into the soft drink market, while it would still focus on making dairy products.
The gioi Di Dong Company, a well known mobile phone distributor, has also taken the first steps in the plan to diversify its business fields by distributing electronics together with mobile products.
Though mobile phones and e-commerce has brought the impressive turnover growth rate of 20 percent in the last 10 years, from 1 trillion dong in 2007 to 3 trillion dong in 2010 and 6 trillion dong in 2011, Nguyen Duc Tai, General Director of the company, thinks that the mobile phone market would become saturated in the near future. Therefore, Tai said that it is necessary to diversify and expand the business fields to maintain development.
Meanwhile, economists all say that it is very difficult to maintain high growth rates in 2012, when all the conditions are unfavorable for businesses. A recent survey by the Vietnam Chamber of Commerce and Industry (VCCI) has found out that 52 percent of polled businesses said they would keep the same business scale in 2012. However, 32 percent of businesses still planned to expand their business scale with the measures to expand the markets, upgrade the product quality and increase labor productivity.
Tai said that The gioi Di Dong hopes to obtain the turnover growth rate of 40 percent in 2012, the same rate as in 2011.
However, economists have pointed out that Vietnamese businesses should gather strength to prepare for a marathon on a long road, instead of just trying to obtain high growth rates in the immediate time.
Nguyen Hong Truong, a senior executive of IDG Ventures Vietnam, has said that businesses not only need to make heavier investment on R&D or try to apply new advanced technologies, but they also need to renovate the corporate governance skills. This is also the way the Military Bank is following. It plans to obtain reasonable and sustainable growth in the context of the unpredictable changes in the world market.
The ceremony to honor the Vietnamese 500 fastest growing enterprises and the FAST 500 forum will take place on April 10, 2012, in HCM City--with the participation of the professors from the US, who will have the presentation before the Vietnamese businesses about the corporate governance and business restructuring.
vietnamnet
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