Vietnam has made its debut in Forbes Asia's "Best Under A Billion" list this year as its leading dairy company, Vinamilk, was ranked among top-performing small-to-midsize enterprises in the Asia-Pacific region.
Vinamilk, which holds a one-third share of Vietnam's US$1.5-billion dairy market, enjoyed a net profit jump of 67 percent to $90 million. Its revenues climbed by half to $389 million through the first half of 2010, Forbes reported. The company is expected to grow 25 percent this year.
"With revenues doubled and net profit up fourfold in the last four years, it is the most successful of the country's privatized state-owned enterprises," according to the September issue of Forbes Asia. In August, Vinamilk began construction on a $120 million dairy plant near Ho Chi Minh City that is expected to be the biggest in Southeast Asia.
The annual "Best Under A Billion" list highlights 200 top-performing firms with revenues under $1 billion from nearly 13,000 publicly listed Asia-Pacific companies, based on earnings growth, sales growth, and shareholders' return on equity.
China and Hong Kong have outdone the rest of the region for the third consecutive year with 71 one firms on the list, followed by India with 39 entries.
Forbes said 151 new firms appeared on this year's list.