Vietnam Report Joint Stock Co on Feb. 21 published its first FAST500 – alist of 500 companies with the fastest growth rates in Vietnam .

The 500 businesses have an average growth rate of 57 percent in theperiod of 2007-10, while the average last year was 54 percent.

The top 50 firms grew at a rate of 127 percent, while top 100 grew at 94 percent.

FAST500 which has been held for two consecutive years is aimed athighlighting effectively run companies with a fast growth rate.

The ranking showed businesses that have coped well in the global economic downturn and difficulties in the local economy.

A survey carried out by VNR last month showed that up to 70 percent ofprivate companies plan to expand their business and increase investmentthis year despite the global economic meltdown.

Inaddition, several FAST500 enterprises have been optimistic that theirgrowth rate in the next two years would still be high.

Hanoi and HCM City still account for more than a half of FAST500companies, including 144 in the capital and 120 in HCM City .

Some provinces with difficulties have also had businesses listed in theFAST500, such as central Nghe An province and Central Highland Dak Lakprovince.

Companies in processing, production andconstruction sectors also accounted for a large proportion of the listwith 29 percent. Petroleum trading and services firms held a majority ofthe turnover on the list. - VNA