Hanoi (VNA) - Vietnam should strengthen land and copyright laws togive enterprises more flexibility and to enhance asset security, experts saidat an award ceremony in Hanoi on November 23 for the country’s 500 mostprofitable firms.

According to the announcement of the Vietnam Earnings Insight 2017 report atthe ceremony, Vietnam’s business environment has been favourable, with accessto capital, tax system and inflation control improving in the first threequarters of the year.

The research conducted by Vietnam Report Company on the Profit 500 RankingList showed that more than 90 percent of firms rated the business environmentas good or very good.

The issues that businesses still face are land access, skilled labour supplyand infrastructure.

“The great challenges for Vietnamese businesses are asset security, propertyrights and anti-trust,” the report said.

Besides, under the circumstance that the increasing number of new entrants andforeign competitors has entered the domestic market, the market share of largefirms could decline unless they reach new customers on the world market.

The Vietnam Earnings Insight 2017 report also collected opinions from expertssaying that the country’s securities market experienced better performance thanever, with a growth rate of 26.4 percent in the first 10 months of the year. Ithelped the overall portfolio value of investors expand at the most significantrate in the past six years.

Therefore, the performance in the Vietnamese market is more attractive thanthat of the Philippines at a similar level of capitalisation and turnover, andsignificantly more attractive than Thailand as Thailand’s economic growth hasbeen gloomy recently, the report said.

The country’s stable macro-economy, better monetary policies and favourableinvestment environment, together with the growth of the middle-class, wouldenhance return on investment (ROI) and return on equity (ROE), which would bepre-conditions for further growth.

The Profit 500 ranking aims to honour Vietnamese firms with high profitabilityand potential to become key pillars for the country’s future development. Thesefirms have also contributed to promoting Vietnam’s brand name in theinternational business community.

Viettel Group topped the list of Vietnam’s most profitable firms, followed by SamsungElectronics Vietnam Co Ltd, Vietnam Oil and Gas Group (PetroVietnam), VietnamDairy Products Joint Stock Company (Vinamilk), and PetroVietnam Gas Joint StockCorporation.

Also on the list are Vietnam Joint Stock Commercial Bank for Industry and Trade(Vietinbank), Truong Hai Auto Corporation, Stock Commercial Bank for ForeignTrade of Vietnam (Vietcombank), Joint Stock Commercial Bank for Investment andDevelopment of Vietnam (BIDV) and Hoa Phat Group.

The Vietnam Report Company conducted independent assessments based on thecriteria of return on total assets, return on equity, return on revenue,pre-tax profit and revenue. In addition, it also determined businesses’reputation in the media.-VNA