Industry information is information about certain economic sector that contributes to the growth of an economy. This kinds of information may cover an overview of the industry, and the performance of the industry at a certain point time or over a given period. In addition, industry information also includes information about opportunities, challenges and forecasts for the industry in the future.
Meanwhile industry information database is broader than industry information, because it contains information on all economic sectors from the fisheries and agriculture to the industrial and construction sector. This means if one owns an industry information database, they can have the most comprehensive view of the entire economy of a country, from which they can identify potential risks and make decisions on whether to enter that market or not.
Previously, according to the Prime Minister's Decision No. 10/2007 / QD-TTg dated January 23, 2007, Vietnam’s economic structure was devised by 21 sectors and 642 sub-sectors.
However, having realized that this classification was no longer suitable, the government decided to issue Decision No. 27/2018 / QD-TTg to introduce the new standard industrial classification in 2018 called Vietnam Standard Industrial Classification. This classification includes 5 levels as follows:
Level 1 includes 21 sections hierarchically designated by alphabetical letters from A to U (including: Agriculture, Forestry and Fishing; Mining And Quarrying; Manufacturing; Manufacture And Distribution Of Electricity, Gas, Hot Water, Steam And Air Conditioning; Information And Communication; Construction; Wholesale And Retail Trade; Repair Of Motor Vehicles, Otorcycles And Other Motor Vehicles; Transportation And Storage; Accommodation And Food Service Activities; Information And Communication; Financial, Banking And Insurance Activities; Real Estate Activities; Professional, Scientific And Technical Activities; Administrative And Support Service Activities; Activities Of Vietnam’s Communist Party, Socio-Political Organizations, State Management And National Defence And Security; Compulsory Social Security; Education And Training; Human Health And Social Work Activities; Arts, Entertainment And Recreation; Other Service Activities; Activities Of Households As Employers; Goods-Producing And Services-Producing Activities Of Households For Own Use; Activities Of International Organizations And Bodies).
Level 2 includes 88 divisions, each of which is assigned a two-digit code according to the corresponding section;
Level 3 includes 242 groups, each of which is assigned a three-digit code according to the corresponding division;
Level 4 includes 486 classes, each of which is assigned a four-digit code according to the corresponding group;
Level 5 includes 734 sub-classes, each of which is assigned a five-digit code according to the corresponding class;
Although the industrial classification is quite detailed, in fact, there exist many enterprises that do not operate in accordance with their registered line of business. For example, there are businesses that are registered to operate in the production of building materials, but in reality, they specialize in selling cosmetics. Therefore, by just relying on information provided by state agencies, it is difficult to have an accurate view of an industry in Vietnam.
One may wonder whether it is possible to have a comprehensive industry information database in Vietnam in such context? The answer is definitely yes.
Although industry information in Vietnam is not really transparent, which makes it difficult for investors in general and foreign investors in particular to enter the Vietnamese market, with huge industry and business database collected from both public and in-house sources over the past 25 years, VietnamCredit is confident to help investors solve this problem.
VietnamCredit is a pioneer in Vietnam in providing industry reports. Owning a large and comprehensive database of more than 1.2 million businesses operating in Vietnam, we can provide on-demand industry reports, or even industry information database of all economic sectors in Vietnam.
In addition to industry information, VietnamCredit's industry information database also helps investors pick out top companies in each industry based on their size, credit rating and business performance in the most recent years.
Please contact us via email [email protected] for more information and assistance.
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