With their big market capitalization and growth potential, five Vietnamese companies have made it to Nikkei Asian Review’s Asia300, an annual list of must-watch companies across the region.
PetroVietnam Gas Joint-stock Company, a subsidiary of the Vietnam National Oil and Gas Group, has a market cap of around US$9 billion -- among the highest in Vietnam.
The government owns a 97 percent stake in the company, which controls nearly 70 percent of the domestic market for liquefied petroleum gas. But it reportedly plans to reduce its ownership to 77 percent.
PetroVietnam Gas has been actively entering into tie-ups with foreign companies, according to Nikkei, which named Royal Dutch Shell and Tokyo Gas as the company's recent partners.
Dairy giant Vinamilk, which recently grabbed international headlines after the government announced plans to sell 45 percent of its stake in the company, is also among the region's must-watch firms.
Its market cap is the second highest in Vietnam at around $5.5 billion. Foreign investors own 49 percent of Vinamilk.
The company, which has made a considerable contribution to the 20-fold increase in Vietnam's dairy consumption over the past 20 years, has kept expanding, moving into dairy farming and products for seniors.
Commercial Bank for Foreign Trade of Vietnam, better known as Vietcombank, has a market cap of about $3 billion and is one of the country's four big state-owned banks.
The government now owns a 77 percent stake in the highly profitable bank, while the rest is held by foreign investors.
A major player in international trade payment, Vietcombank has tie-ups with foreign businesses like Japan's Fukui Bank and Toho Bank.
It aims to become one of the world's 300 largest banks by profitability and deposits by 2020, according to the report.
The fourth listed company is Vingroup, a real estate conglomerate valued at around $3 billion -- the biggest in the private sector.
Its founder Pham Nhat Vuong has been on Forbes' world billionaire list since 2013.
Vingroup has been aggressively expanding into other sectors, especially retail where it has made notable acquisitions including Vietnam's oldest supermarket chain Maximark. It has also established shopping malls, convenience stores and supermarkets.
Information technology group FPT is the last one on the list with a market cap of about $800 million. The government owns a 6 percent stake in the company and foreign investors, 49 percent.
FPT has been expanding overseas with operations in 16 countries and regions as of June 2014, and develops software for clients in Japan.