Rating Reports Promote Businesses' Fame

Rating reports promote businesses’ reputation and is an important factor to attract investors and qualified staffs. A reporter of Vietnamese Business Forum had an interview with Phung Hoang Co, Vice Chairman of Vietnam Report JSC (VNR) on this.

 

We are building databases which provide comprehensive information about companies, including their operation scale, business situation and development strategies as well as their position in the market. Everyone who comes to enterprises can study their basic information through the databases. This is a marketing tool of businesses. Currently, no databases have ensured this kind of information.

 

Since 2008, we have joined hands with VietNamNet and Institution of Innovation for Media (IIM) to publicise the report “Document of Vietnam’s Top 500 businesses” as VNR’s tool for searching local big companies’ annual information. This year, we have continued to launch the new version of the report which is considered as a premise condition for the plan to build a database for over 40,000 Vietnamese firms by 2010.

 

Based on rating criteria of Vietnamese big firms, we will select information provided by enterprises, such as audited financial statements and investment and business plans. VNR experts will check the information based on an analysis of firms’ rating figures. Besides the information source given by businesses, databases will indicate businesses’ position in the market and their operations in an accurate and reliable way. Partners or even global rivals can look at the databases to work out their operation plan.

 

The documents of Top 500 companies in Vietnam provide detailed information about each firm such as total asset, equity, staff number, operation results and balance sheet. Particularly, the report also provides general analysis and assessments on development history and strategies of each enterprise.

 

This is one of the objectives for VNR to build the TOP 500. Dividing enterprises into sectors will help enterprises know their rivals. Not only the competition, but also businesses can take advantage of this information to seek business opportunities and partners in related areas.

 

Additionally, VNR will issue general assessments on operation of different sectors. Companies can add information for their business strategies. Furthermore, I think that the information is also for investment funds and investors.

 

The most important thing in the rating model of VNR500 is modeled after Fortune 500 (Top 500 companies in the world). Regarding scale of enterprises listed in the VNR500, the top company, PetroVietnam, still lags behind many companies standing at the bottom of Fortune 500. However, enterprises in the VNR500 have a right to be proud of their achievements in the ranking thanks to internationally-standard assessments. For instance, foreign firms can not understand when Vietnamese companies said they won “Vietnam Gold Star” Award. But it is easy for them to hear that a Vietnamese company ranks 200^th in the VNR500 ranking. This is a great value for enterprises, particularly listed firms.

 

However, gaining initial achievements, there is still a big gap between Vietnamese firms’ ability to collect databases and the world. Therefore, in the coming time, it is necessary for state agencies and enterprises to boost database accuracy.