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Top 10 largest companies in Vietnam 2021

Top 10 largest companies in Vietnam 2021

Saturday 18, 06 2022
The list of 10 largest companies in Vietnam is made annually by VietnamCredit based on their latest financial result. Coming out top this year is still Samsung Vietnam with revenue in 2021 reaching $72.4 billion, which is $5.4 billion higher than in 2020.

 The list of 10 largest companies

Datasource: VietnamCredit

There have been dramatic changes compared to the list of largest companies in Vietnam in 2020. The top 5 largest companies are mostly state-owned enterprises such as Vietnam Oil and Gas Group, Vietnam Electricity or Viettel.

Below is detailed information about the business situation of the largest companies in Vietnam in the past year.


Overcoming difficulties caused by the COVID-19 epidemic, in 2021, Samsung Vietnam recorded an increase in revenue and exports compared to 2020. Specifically, the group’s revenue reached $74.2 billion, up 14 % compared to 2020, while export turnover reached $65.5 billion, up 16% compared to 2020.

Last year, Samsung launched products that have resonated greatly in the global market. Samsung's strategic phone lines manufactured in Vietnam such as Galaxy Z Fold 3 and Galazy Z Flip 3 made a major contribution to Samsung Vietnam's revenue. In 2021, over 4 million Samsung's folding phone products were sold worldwide, up 4 times compared to 2020. According to market research firm Counterpoint, in the US, sales of folding phones increased from 0.6% in 2020 to 12% in 2021.


Currently, more than 50% of Samsung phones are produced in Vietnam. Smart mobile products manufactured at Samsung factories in Vietnam are being exported to 128 countries and territories around the world.

Samsung Vietnam currently operates 6 manufacturing plants in Bac Ninh, Thai Nguyen and Ho Chi Minh City, one R&D center in Hanoi and one sales entity. In Samsung's development plan, Vietnam is surpassing its role as a key global production base and will become a strategic R&D center. Currently, Samsung is building a new Research and Development Center in Hanoi, with an investment scale of up to $220 million, in order to improve its research and development capacity in the medium and long term.


In 2021, the total revenue of Vietnam Oil and Gas Group exceeded the year’s plan, reaching VND 620.2 trillion, up 28% compared to 2020. Its consolidated pre-tax profit increased 2.2 times compared to 2020.

PetroVietnam overcame many difficulties caused by the epidemic by making full use of the business opportunities from the oil price and the recovery of the world economy.

In particular, crude oil production reached 10.97 million tons, exceeding 1.25 million tons as planned. Petroleum production of the group reached 6.37 million tons, exceeding 0.1% of the year’s plan, up 9.5% compared to 2020.

Vietnam Oil and Gas Group

Fertilizer production reached 1.91 million tons in 2021, exceeding 286 thousand tons, up 6.0% compared to 2020. Besides, PetroVietnam has timely supplied enough natural gas and electricity for the energy market.


The total value of consolidated assets of EVN was estimated at VND 731,000 billion by the end of 2021 (equivalent to 100.2% compared to 2020), of which equity was VND 255,000 billion (up 6.2% compared to 2020).

At the end of 2021, the total installed capacity of power sources of the whole system reached 76,620 MW, an increase of nearly 7,500 MW compared to 2020, of which the total capacity of renewable energy sources (wind power, solar power) was 20,670 MW (increasing 3,420 MW compared to 2020) and accounted for 27.0%. The scale of Vietnam's power system has risen to the top of the ASEAN region in terms of power capacity.


Commercial electricity produced by EVN reached 225.3 billion kWh, an increase of 3.85% compared to 2020. In particular, EVNNPC had the highest increase of 9.31%; EVNCPC grew by 6.33%; EVNHANOI grew by 3.28%; EVNSPC grew by 1.32%. Particularly, EVNHCMC decreased by 5.42% compared to 2020.


In 2021, Viettel Group, with more than 40,000 employees, was the enterprise with the best business results in the telecommunication industry with revenue reaching VND 274 trillion and profit reaching VND 40.1 trillion.

In the same year, Viettel's brand value jumped 32 places with a value of $6.061 billion, ranked 325 globally. Viettel was also honored as the best place to work in Vietnam in the field of Hardware Technology - Infrastructure - Telecommunications.

In the telecommunications sector, African markets achieved a record of growth (37%) while Mytel excellently rose to the first position in terms of market share in Myanmar (31.5% with 11.2 million subscribers).

Viettel Group

In Vietnam, Viettel still maintains its leading position and is the best network operator with the largest 5G coverage with 150 stations in 16 provinces/cities.

In the field of digital solutions, Viettel deployed solutions and digital platforms to serve the Government's epidemic prevention and control work.

Regarding manufacturing research and high-tech industry, in 2021, Viettel tested a complete 5G network including core network, transmission network, and radio network while completing the 5G telecommunications infrastructure ecosystem.

In the field of delivery, Viettel put more than 25,000 agricultural production households on the e-commerce platform, contributing to the implementation of the national digital transformation strategy in the agricultural sector.

Viettel's retail business continued to maintain a good growth momentum, with revenue increasing by 30% and profit by 43%.


Vietnam National Petroleum Group (Petrolimex) achieved a revenue of nearly VND 169,000 billion in 2021. According to the financial report for the fourth quarter of 2021, Petrolimex recorded net revenue of VND 49,372 billion, up 58% over the same period. Financial expenses also increased by nearly 59% to VND 260 billion.

After deducting expenses, Petrolimex's after-tax profit was VND 701 billion in the fourth quarter, down 30% over the same period. In which, the parent company's profit after tax was VND 595 billion, down 36% compared to 2020.

According to Petrolimex, petroleum trading volume decreased in the fourth quarter, equal to 90% of the same period in 2020.

Cost of goods increased, mainly due to the sharp increase in gasoline prices, causing gross profit margin to decrease by 0.6% to 7.5%. However, the group's gross profit from sales and services last year still reached VND 12,706 billion, up nearly 27% compared to 2020.


Profit after tax for the whole year reached VND 3,111 billion, 2.5 times higher than the same period in 2020. The parent company's profit after tax was VND 2,830 billion, nearly 3 times higher than the same period. Compared with the plan, the revenue and profit indexes exceeded 25% and 13%, respectively.


According to General Director of Vietnam National Coal and Mineral Industries Holding Corporation Limited, the company’s revenue and profit both exceeded the plan.

Specifically, in 2021, the Group's revenue was estimated at VND 128.6 trillion, reaching 104% of the plan. Profit reached VND 3.5 trillion, equalling 116% of the plan and 113% of the same period in 2020. In particular, revenue from coal reached VND 72.5 trillion.

In 2021, TKV exploited 40.2 million tons of coal, up 7% compared to 2020. Nearly 45 million tons of coal was consumed, up 6%; in which, domestic consumption reached nearly 43 million tons, up 4%. Total coal inventory was 8.3 million tons.


TKV also produced 1.43 million tons of alumina and sold 1.45 million tons; exploited 99.6 thousand tons of copper crystals; produced 10.5 billion kWh of electricity.

The company set a target revenue of VND 131.6 trillion for 2022, an increase of 2% compared to the result in 2021.


The year 2021 also posed several challenges to Mobile World (MWG) due to the impact of the Covid-19 pandemic.

The company's consolidated net revenue reached VND 122,958 billion (up 13% compared to 2020) and reached 98% of the year’s plan. Profit after tax reached VND 4,901 billion (up 25% compared to 2020), reaching 103% of the year’s plan.

Due to the impact of the fourth outbreak which forced about 2,000 The Gioi Di Dong and Dien May XANH stores to close, revenue of MWG in the first 9 months of 2021 only achieved 70% of the whole year's. However, in the last 3 months of the year when social-distancing measures were lifted, MWG witnessed a record level of revenue and profit since its operation.

In the fourth quarter alone, its revenue grew by 33% and profit after tax increased by 66% over the same period.

The epidemic also caused a sharp increase in the demand for online shopping in 2021. MWG's online revenue reached VND 14,370 billion (up 53% compared to 2020). With this result, MWG ranked itself as having the largest sales volume in the online retail market in Vietnam.

Mobile World (MWG)

At the same time, people's demand for grocery shopping during the epidemic also increased. Bach Hoa Xanh achieved sales of more than VND 28,200 billion (up 33% compared to 2020), which made it become one of the 3 largest retailers of food and consumer goods in Vietnam with more than 2,000 points of sale.

In 2022, Mobile World sets a target of VND 140,000 billion in revenue and VND 6,350 billion in after-tax profit, an increase of 14% and 30% respectively compared to the results in 2021.


Financial report data shows that in 2021, Vingroup's main source of revenue was still from the real estate segment with VND 78,800 billion, accounting for 63% of total revenue.


In the fourth quarter of 2021, Vingroup recorded a consolidated loss before tax of more than VND 6,369 billion, and a loss after tax of VND 9,249 billion.

For the whole year of 2021, Vingroup achieved VND 125,306 billion in net revenue, up 13% over the same period last year. Profit before tax reached VND 3,346 billion while loss after tax was VND 7,523 billion.

In 2021, Vinhomes' total consolidated net revenue reached VND 85,094 billion, up 19% compared to 2020. Total consolidated profit before tax reached VND 48,469 billion. Consolidated profit after tax of the parent company reached VND 39,017 billion, up 33% and 43% respectively compared to 2020. Earnings per share (EPS) in 2021 was VND 9,060. Vinhomes set a record to become the first enterprise on the stock exchange to achieve a profit of over $2 billion/year.


The financial report of Joint Stock Commercial Bank for Investment and Developlment of Vietnam for the fourth quarter of 2021 shows that this bank experienced impressive growth.

Specifically, by the end of 2021, BIDV continued to be the commercial bank with the largest total assets in the banking system with VND 1.76 million billion. At the same time, it was also the bank with the largest lending market share (over 13% market share).

Holding the largest lending market share while other non-interest businesses grew strongly, in 2021, BIDV was also the bank with the largest total operating income in Vietnam with nearly VND 62,400 billion.

Credit was the most profitable segment for BIDV with net interest income of VND 46,817 billion, up 30.7% over the previous year. The reason why profit from lending segment increased strongly while interest income barely increased was due to a 16.5% decrease in interest expenses and similar expenses.


Besides, non-interest income of the bank also grew very well. Net profit from service activities was VND 6,614 billion, up 25.6%; net profit from foreign exchange business was VND 1,896 billion, up 9.45%; net profit from trading securities was VND 582 billion, up nearly 22%; net profit from other activities reached more than VND 6,000 billion, up 19%. Particularly, net profit from trading of investment securities dropped sharply by 84%, to only VND 236 billion.

After deducting operating expenses of VND 19,361 billion, BIDV's net profit before risk provisions still reached more than VND 43 trillion, far ahead of that of Vietcombank, Techcombank, VietinBank, VPBank.


Since 2016, the revenue of DOJI has increased continuously, surpassing the two giants in the same industry: SJC and PNJ. In 2016, this company recorded a net revenue of nearly VND 47,400 billion, which then increased to nearly VND 52,000 billion in the following year.

However, in the period of 2019 - 2020, DOJI's revenue increased even more dramatically, with a scale of VND 88,900 billion and surpassing VND 100,000 billion for the first time in 2020.


This result came from the expansion of the distribution system, and the expansion of the industry scale when DOJI completed the acquisition of many other businesses. However, DOJI's profit margin is very low compared to the average.

Alice Hoang Thao - VietnamCredit


Vietnam Economy

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