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TABLE OF CONTENT LIST OF ABBREVIATIONS LIST OF FIGURES AND TABLES ACKNOWLEDGEMENT INTRODUCTION 1 CHAPTER 1: LITERATURE REVIEW 5 1.1 Sustainability and Triple Bottom Line 5 1.1.1 Sustainability 5 1.1.2 Triple Bottom Line 6 1.2 Theoretical Framework 10 1.3 Business benefit of sustainability and triple bottom line report 11 1.4 Sustainability and TBL in manufacturing industry in developed countries 12 1.4.1 Definition of sustainability in manufacturing industry 12 1.4.2 Application of sustainable and triple bottom line report in Australia 15 1.4.3 Application of sustainable and triple bottom line report in the United Kingdom 20 1.4.4 Lessons from sustainability and triple bottom line reporting in developed countries 26 CHAPTER 2: SUSTAINABILITY AND TRIPLE BOTTOM LINE IN MANUFACTURING INDUSTRY IN VIETNAM 29 2.1 Overview of sustainability and triple bottom line reporting in Vietnam 29 2.1.1 History of sustainability and triple bottom line reporting in Vietnam 29 2.1.2 Related organizations in issuing sustainability and triple bottom line reporting in Vietnam 30 2.1.3 Scope of sustainability and triple bottom line reporting in Vietnam 35 2.2 Sustainability and triple bottom line reporting in manufacturing industry in Vietnam 36 2.2.1 Overview of sustainability and triple bottom line reporting in manufacturing industry in Vietnam 36 2.2.2 Process of issuing the sustainability and triple bottom line report 37 2.3 Factors influencing the decision of issuing sustainability and triple bottom line report in Vietnamese manufacturing companies 44 2.3.1 Company age 44 2.3.2 Rank in Ara Vietnam award 45 2.3.3 Total debt 45 2.3.4 Total equity 46 2.3.5 Return on assets (ROA) 46 2.3.6 Type of industry 46 2.3.7 Big4 47 2.4 Multiple regression model 47 2.4.1 Multiple regression model 47 2.4.2 Regression model analysis 50 CHAPTER 3: RECOMMENDATIONS TO IMPROVE THE APPLICATION OF SUSTAINABILITY AND TRIPLE BOTTOME LINE REPORTING IN MANUFACTURING INDUSTRY IN VIETNAM 55 3.1 Development strategies of manufacturing industry in Vietnam 55 3.2 Opportunities and challenges for Vietnamese manufacturing industries in the future 57 3.2.1 Opportunities for Vietnamese manufacturers 57 3.2.2 Challenges for Vietnamese manufacturers 59 3.3 Recommendations to improve the application of sustainability and triple bottom line reporting 60 3.3.1 Recommendation for Vietnamese Government 60 3.3.2 Recommendation for Vietnamese manufacturers 63 CONCLUSION 67 REFERENCES 69 APPENDIX
FOREIGN TRADE UNIVERSITY FACULTY OF BUSINESS ADMINISTRATION -o0o - GRADUATION THESIS Major: International Business Administration SUSTAINABILITY AND TRIPLE BOTTOM LINE REPORTING IN MANUFACTURING INDUSTRY IN VIETNAM Student name : Hoang Thi Bich Ngoc Student ID : 1216250019 Class : Eng - FBA Course : 51 Mentor : MA Le Tra My Hanoi, May 2016 TABLE OF CONTENT LIST OF ABBREVIATIONS ASEAN Association of Southeast Asian Nations Big The Big Four are the four largest international professional services networks, offering audit, assurance, tax, consulting, advisory, actuarial, corporate finance, and legal services DOC/EPA The Green Suppliers Network G250 The world’s 250 largest companies based on the Fortune ranking GDP Gross Domestic Products GRI Global Reporting Initiatives ICOR Incremental Capital - Output Ratio IFC International Finance Corporation IUCN International Union for Conservation of Nature MNCs Multinational Companies MOLISA Ministry of Labor, Invalids and Social Welfare N100 The largest 100 companies in each country OLS Ordinary Least Square TBL Triple bottom line TNCs Transnational Companies UNEP United Nations Environment Programs UNIDO United Nations Industrial Development Organization VBCSD Vietnam Business Council for Sustainable Development VCCI Vietnam Chamber of Commerce VGCL General Confederation of Labor WTO World Trade Organization WWF World Wildlife Fund LIST OF FIGURES AND TABLES ACKNOWLEDGEMENT This graduation thesis consumed huge amount of work, research and dedication Still, implementation would not have been possible if I did not receive a lot of advices and useful assistance from many people Firstly, I would like to express my sincere gratitude to my advisor Prof Le Tra My for the continuous support of my final thesis and related research, for her patience, motivation, and immense knowledge Her guidance helped me in all the time of research and writing of this thesis I could not have imagined having a better advisor and mentor for my study Besides my advisor, my sincere thanks also go to teachers at Foreign Trade University, for their insightful comments and kindly valuable lectures, but also for hard questions, which incented me to widen my research from various perspectives Finally, I am particular grateful to my family and friends, for supporting me spiritually throughout writing this thesis and my life in general Hanoi, April 7th, 2016 Hoang Thi Bich Ngoc INTRODUCTION Rationale of the thesis Vietnam is a developing economy in the Southeast Asia Over the last few decades, this nation has been rising at an increasingly fast rate of development, especially in manufacturing industry, with the averaged GDP Growth Rate of 6.15 percent from 2000 until 2015 (according to Trading Economics) Nevertheless, as the manufacturing industry continuously growth, newcomers as well as long-standing history members are facing with more pressure in expanding market share and keeping their favorable positions Obviously, in that context, profitability is not the only key competitive factor but the sustainable development becomes the leading mission and important long-term strategy to any groups in the current and future Vietnamese market economy After the reunification in 1975, the manufacturing became national objectives as it is believed as the way to bring the financial resources and improve poverty situation In peaceful time, once again it is considered backbone of the economy, contributing nearly 50% of total GDP Besides the economic role, manufacturing play multiple part in many different aspects such as social issues, employment, environment, etc It requires manufacturing companies pay more attention with issues such as environmental damage, the treatment of workers, and product safety to meet the expectation from public and stakeholders For all mentioned reasons, a consulting group invented a report called “Triple Bottom Line” (TBL) for measuring the sustainable degree in three divisions (3Ps) – People, Planet, Profit It is a needed action to gain the belief from stakeholders, affirm the company’s position not only financially but also in term of social corporate responsibility Although its impacts are great, sometimes publishing sustainable and triple bottom line report are consuming The research will review the Triple Bottom Line concept, explains how it can be useful and applied in Vietnamese manufacturing companies, and use econometric model to analyze various factors affecting the decision of issuing Triple Bottom Line report Therefore, the subject for the graduation thesis is “Sustainability and triple bottom line report in manufacturing industry in Vietnam” Overview of research issue In recent years, there is growing concern of Vietnamese companies, especially manufacturing enterprises, to sustainable development matter In which, many have chosen to issues sustainable or TBL report in order to affirm its economic situation as well as express their spirit in term of social corporate responsibility From the collapse of many big companies, both national and multinational due to scandals related to their corporate responsibilities such as Vedan with industrial waste spoiled or Tan Hiep Phat with poor food safety, issuing sustainable reports associated with annual reports is suggested for manufacturing companies to improve their images and keep stakeholders’ belief However, since Triple Bottom Line is a new report for special purposes, it normally takes time and money to prepare Furthermore, based on business nature and specific strategies of each company, only a specific company group is recommended to issue this report As a result, in this research, we will use statistic data and econometric model in order to make suggestion to improve the application of sustainability and triple bottom line reporting Objectives of the thesis The purpose of this study is to investigate the extent of triple bottom line reporting activities applied by Vietnamese companies, especially manufacturing companies By analyzing the econometric model between TBL and some factors, it is going to answer the following questions: What is sustainability and TBL reporting in manufacturing companies in developed countries? What are lessons for Vietnamese manufacturing companies? What are the factors affecting the decision of issuing Triple Bottom Line report in Vietnam? How should manufacturing companies apply TBL report? What are recommendations for them to increase sustainability degree? In order to achieve the above objectives, this research will focus on some specific tasks including synthesize the literature review of sustainability and Triple bottom line report, analyze case studies in Japan and Denmark, analyze econometric model, make recommendation for manufacturing company in Vietnam market Focus and Scope of the thesis The paper attempts to provide a basic literature on sustainability and Triple Bottom Line report The study concentrates on main concepts of sustainability, Triple Bottom Line, analyzes case studies in manufacturing companies in developed countries - Japan and Denmark, and gives recommendation of how to apply Triple Bottom Line report on Vietnamese manufacturing companies Due to the limitation in time and the availability of data, this study will only focus on the data of financial year 2014 at 50 companies having best annual report at competition Ara Vietnam 2015 (in which, there are 34 companies in manufacturing industry) Based on these data, it will analyze the relationship between issuing Triple Bottom Line report decision and eight factors including total owner equity, risk, type of industry, rank in Ara Vietnam 2014 competition, return on asset (ROA), debt, age of companies, liquidity level Methodology The study is conducted by various methods, including comparative methods to compare the application of Triple Bottom Line in Japan and Denmark, statistical analysis, studying and colligating theories, analyzing and synthesizing many reliable sources of information The information and data are collected from foreign and domestic resources such as report, research, news, etc Moreover, it is highlighted that the evaluation and recommendations are given based on logical judgment of the author In particular, the research uses quantitative method that the regression model is the leading instrument By collecting data of 50 companies through website for investor -Cophieu68.com, Probit and Logit regression will be established, then the mathematic equation illustrating relationship between TBL decision and variables will be built Besides, the correlation between factors will be shown through Linear Regression model with Ordinary Least Square (OLS) estimation It is noted that the reason for choosing Probit and Logit model and meaning of this model will be fully explained in chapter 2, section 2.4 – Regression model Structure of the thesis In order to solve the question mentioned in section – objectives of the thesis, this study will be logically divided into chapters as follows: - Chapter 1: Literature review – provides theoretical background on sustainability and Triple Bottom Line - Chapter 2: Sustainability and Triple Bottom Line in Vietnamese manufacturing industry – Gives overview of TBL application in Vietnamese manufacturing companies and analyzing regression model - Chapter 3: Recommendations to improve the application of sustainability and TBL reporting in manufacturing industry in Vietnam – based on regression model analysis and evaluation of Vietnamese manufacturing industry, gives recommendation for manufacturing companies in Vietnam CHAPTER 1: LITERATURE REVIEW 1.1Sustainability and Triple Bottom Line 1.1.1 Sustainability It is important to understanding the definition of sustainability and sustainable development as it will be the main topic throughout this study There are several definition of sustainability and sustainable development as follows Sustainability is considered as the principle of ensuring that our actions today not limit the range of economic, social, and environmental options open to future generations (John Elkington, 1994) He also argued that capitalism and states that capitalism as it stands, is most likely not sustainable According to Luc Hens, sustainability may be defined as a dynamic condition in which the economic, environmental and social systems meet the needs and wants of the present generation, while maintaining or increasing the resource and productive capacities that are donated to the future generations Sustainable development is a positive change, which does not occur at the expense of the environment or social systems on which humans depend (Hens, 2010:875) This concept of Luc Hen will be used as the definition of sustainability in this study Traditionally, business has focused on shareholder wealth maximization, however, due to globalization, a company’s operating license is no longer granted by a single interest group but by public stakeholders who have access to a company’s financial and non-financial information There is a growing recognition that the value of corporate activity is defined too narrowly in that it influences the economic, social and environmental factors that it sustains This recognition has led to the increasing popularity of the TBL or sustainable development reporting (Hens, 2010:876) According to Pearce, Makandia and Barbier (1989), sustainable development involves devising a social and economic system, which ensures that these goals are 10 It is undeniable that triple bottom line report is considered as a tool for government to control non-financial data from companies It is undeniable that manufacturing industries in each country own distinctive characteristics due to the difference in society, geographic, politics, economics, natural resources It means that not all matters covering in GRI guideline is applicable as well as GRI cannot cover all specific matters in their TBL reporting guideline Therefore, in order to catch up with specific context, similar to VAS standard in reporting financial data, the Government should issue their own standard for report non-financial data Vietnamese government can learn from the lessons of Australia and the UK which have a variety of experience in sustainable reporting and issued their own TBL reporting guid line For example, Australian Department of Environment and Heritage also issues a guideline for companies to issues triple bottom line report, which called Triple bottom line reporting in Australia, with the focus on environment (planet) line Similarly, in the UK, HM Treasury (Her Majesty's Treasury) has issued a sustainable reporting guidance, setting up minimum requirement for companies Although most of these mentioned guidelines are not obligatory for companies, it is still a solution for local and multinational companies operating within this national boundary to disclose non-financial information appropriately in the specific context Nevertheless, the pity fact is that sustainability reporting or triple bottom line reporting is a relatively new concept in Vietnam Therefore, it seems to be difficult for Vietnamese government to build a new standard without the external support Fortunately, in the world, there are several associations for triple bottom line and sustainable reporting, in which GRI is one of the most well-known organization In order to build a comprehensive and practical guidance in triple bottom line reporting, Vietnamese government is suggested to corporate with GRI, IFC, World Bank and other professional non-governmental organizations Furthermore, the triple bottom line report covers a huge scope including people line, profit line and planet line that no singer organization can covers all areas in this sustainability report It is obviously true that the internal corporation among Vietnamese ministry is needed to publish a comprehensive guideline In particular, 66 Ministry of Finance might responsible for regulation and issues related to “profit line” The “people line”, indeed, might critically impacted by activities of Ministry of Labor, Invalids and Social Welfare Finally, the relationship between Ministry of Natural Resources and Environment and “Planet line” is another important part in sustainability and triple bottom line reporting Regular verifying the true and fair of non-financial data from the government is needed to contribute to the sustainable development in Vietnam Likely to many countries in the world, financial information is highly concerned and regularly verified by a number of independent organizations such as independent audit firm, tax office, government audit firms In addition to regular verification, a lot of regulation has already been issued to ensure the creditability of these financial information However, non-financial information seems to not receive a suitable concern from the government and the public In Vietnam, not much efforts put to ensure the creditability of non-financial information In fact, due to the high cost, only small number of big companies pay money for hiring prestigious audit firms to support non-financial disclosing process while majority of companies choose to keep that information in secret It normally leads to an unfavorable result Some companies not follow codes of standard, destroy surrounding environment, misuse the labor forces A regularly-cited case study is Vedan’s waste discharging, which largely effect the ecosystem as well as the health of nearby living citizens and animals Obviously, the damages caused by the hided non-financial information and misbehavior of companies are serious, and even more serious than the wrong financial information For all mentioned reason, Vietnamese government is highly recommended to establish an organization for verify non-financial information of corporation to ensure that they are behaving properly Manufacturing industry and other highly sensitive industries should be legally required to establish triple bottom line report Highly sensitive industries are industry can have many negative impacts on environment and people living around For example, bad working conditions, which might be detrimental to worker’s health or cause mental illness, could be considered 67 as a sensitive factor Another sensitive indicator is environmental resources exploitation, such as resource mining Based on this theory, manufacturing can be mainly considered as a high profile industry due to its various effects on people, environment and economic growth In term of environment, manufacturing industry could be considered as a key factor leading to climate change and global warming as these activities consistently discharge an enormous amount of chemical emssions including carbon dioxide and sulfur dioxide to surrouding environment (including air, water and land) For that reason, company operating in highly sensitive industry such as manufacturing should be put under tightly control of the government The reason is that these companies have higher probability of violence standards and regulation than those operating in less sensitive industry Legal requirement in sustainable reporting is suggested in this case to ensure that the negative effects of these companies on the environment and society are at acceptable level 3.3.2 Recommendation for Vietnamese manufacturers Vietnamese manufactures should use GRI guidelines and Sustainability reporting handbook issued by IFC as the framework for TBL reporting At the moment, the sustainability reporting is voluntary, so there is no official guidance from VCCI or any other government’s organization As a result, in order to disclose non-financial data in systematic and proper way, manufacturers are suggested to follow the GRI guidance as a reporting framework Besides that, in Vietnam, IFC cooperated with VCCI and has already published a Sustainability reporting in Vietnam handbook It can be regarded as supporting document, give user an overview about the scopes of sustainability report and TBL reporting process Furthermore, at the moment, as there is no particular standard for TBL reporting in Vietnam like financial reporting (VAS standards), manufactures should regularly update new laws and regulations related to operating areas such as Labor Law and Environment Protection Law to ensure that they are operating legally and implement fully corporate responsibilities Use big audit firms to ensure the creditability of information 68 Manufacturing industries is a high profile industry as they have significant impacts on different aspects such as society development and environment protection Consequently, many companies choose to issues sustainability and triple bottom line report to gain the public trust However, triple bottom line is a new concept in Vietnam, so there are many challenges for them to issues a report in reasonable and systematic way Therefore, from lesson of developed countries, Vietnamese manufacturing companies should use Big4 audit firms for issuing both triple bottom line reports with high creditability In fact, although Big auditing fees are normally higher than local audit firms, as an international professional service network, it frequently updates the law, regulation of many countries to ensure the highest capability and creditability Therefore, they also have good understanding about issuing TBL report in a proper and systematic way Well-performed companies are recommended for TBL reporting In chapter 2, author mentioned about some studies of King and Lenox (2001), Mathur (2000) and Chan and Kent (2003), which suggested that the more favorable earnings (higher ROA) and performance result companies have, the more likely triple bottom line information is disclosed In fact, from regression model, we also prove that in fact, at the moment, well-performance companies tend to display triple bottom line reporting Indeed, issuing sustainability report is proposed for wellperformed companies, especially manufacturing companies Normally, well-performed companies have no reasons for rejecting triple bottom line report As the with the high performance, companies tend to commit more with corporate social responsibility as well as comply standard In other words, well performed companies with high profitability or ROA level even can enjoy the benefit from triple bottom line reporting as it creates the image of a profitable and responsible companies, builds the trusts and belief through the media channel Moreover, well-performed companies also suggested to disclose their non-financial information as a way of advertising It will draw more investments to companies as well as attract more talented people In long term, triple bottom line reporting can 69 be a strong tool to maintain company’s financial position as well as support these companies grow sustainably Companies with large size and diversified industries should report sustainability and triple bottom line reports According to Brammer and Pavelin, the large companies are more diversified across geographical and product lines, therefore, these companies might have larger and more diverse stakeholder groups with different needs and requirements (2008) According to the stakeholder theory, these firms should issue the triple bottom line report to satisfy the need of different stakeholder groups as sustainability reporting is believed to cover information in many different fields In addition, it is believed that the larger size a company is, the more influence to the society it is As a result, in long-term, if a large-size company wants to develop more sustainably and gain the support from the public, it is highly recommended to issues the triple bottom line report It not only proves that a company does not harm the society but also advertises the company’s contributions in aspects people, environment protection and economic growth Manufacturing companies should voluntarily disclose triple bottom line report Manufacturing is a sensitive industry due to the various negative effects on the surrounding environment and the labor force They are also the center of skepticism from the public about its possible effect Recently, Formosa is the hottest topic when it is suspected to cause the death of more than 60 tons of fish in Vietnam central ocean regions Although the true has not been verified, the wave of anger from public seriously impacts on the company’s operation when many people request the government to stop Formosa’s operation From that case, it is believed that regular disclose the non-financial information in manufacturing industry is highly suggested These triple bottom line report or sustainability report will importantly contribute to its company’s image as well as ensure that a company can operate without the protest or threat from local people and local government High debt companies are recommended to issues sustainability report 70 From the regression model, we can see the fact that in Vietnam high debt companies tend to keeps their non-financial information in secret due to main reasons First of all, they might not want to take more money in issuing triple bottom line reporting Another reason comes from the fear of negative public response when non-financial information is disclosed However, this decision seems to be unwise In many developed countries, the unfavorable financial situation of a company can cause the chaos among creditors, investors and other group of stakeholders In these circumstances, a company normally use triple bottom line report to prove that they are social responsible The image of a social corporation is possible to create positive responsible and calm down the anger of stakeholders It also plays important role to convince them that this company’s growth is sustainable, and the bad financial situation is just temporary Scchipper said that the higher debt ratio company has, the more information that they will disclose As the performance and profitability of companies can be affected by social and environmental factors such as disasters, social chaos, creditors normally require companies to reveals non-financial information in their triple bottom line report (1981) Obviously, that way of thinking has not been applied in Vietnam for many reasons such as high expense for disclosing or the lack of awareness about importance of a triple bottom line report However, author still suggests high-debt companies to disclose triple bottom line report to improve its image as well as eliminate unnecessary skepticism from related parties 71 CONCLUSION Up to now there scarcely existed empirical research on CSR governance in Vietnam This article intended to make a very first step in this direction by looking at the various actors involved and focusing on the transnational dimension of CSR governance Further empirical researches of how CSR governance in Vietnam functions are necessary Looking at Vietnam, we encounter increasing activities of and for enhancing CSR Predominantly, it has been driven by Western actors – TNCs, development agencies and transnational NGOs The proposal of Brammer et al (2012) to understand CSR as an institution of transnational governance fits well to understand the approach to CSR in Vietnam We encounter international projects and initiatives, which are partly set up in the form of multi-stakeholder initiatives At the same time, the open question for further empirical research refers to the Vietnamese ownership of these initiatives It seems there is a rather pragmatic reception of Corporate Social Responsibility in Vietnam because Western buyers ask for it, funding is being provided to enhance the topic at the political level and as a research focus, and furthermore an overall competitive advantage in the global economy is expected Up to now however, there is no clear responsibility for CSR within the government More or less parallel and scarcely link is a traditional focus on philanthropy or community investment Following Visser (2010, XXV) this is typical for developing countries and often goes hand in hand with a mere superficial adaptation of Corporate Social Responsibility as a marketing strategy The initial finding show that the top 50 companies winning Ara Vietnam report undertook more economic reporting in their annual reports than social and environmental reporting If we considered manufacturing companies as high profile companies and non-manufacturing companies as low profile companies due to the nature of business The high profile companies are likely to disclose TBL more than the low profile ones According to the regression analysis, companies classified as manufacturing companies tend to disclose sustainability and triple bottom line report more than non-manufacturing companies It is also shown that all mining companies in the researching list have already issued TBL report The statistic also indicates that companies with high level of debt tend to keep non-financial 72 information in secret while high performance and high equity level companies prone to be voluntary reporting TBL More interestingly, age of companies seems not really relevant to the TBL reporting decision of companies The data shows that many young companies are showing their sustainability report annually The results may be different in the future when both large and small companies incorporate triple bottom line reporting in their annual reports Further researches are vital to add more variables such as companies’ scandals on violating social and environmental norms and the pressure of public media for non-financial disclosures 73 REFERENCES Bertelsmann Stiftung (2007) The CSR Navigator Public Policies in Africa, the Americas, Asia and Europe Gütersloh: Bertelsmann Stiftung/GTZ Brammer SJ, Pavelin S & Porter LA (2009), Corporate charitable giving, multinational companies and countries of concern Journal of Management Studies 46(4):575-96 Brammer, S., Jackson, G., & Matten, D (2012) Corporate Social Responsibility and institutional theory: new perspectives on private governance Socio-Economic Review, 10, 3-28 Branco, M C., Eugenio, T., & Ribeiro, J (2008) Environmental disclosure in response to public perception of environmental threats: the case of coincineration in Portugal Journal of Communication Management, 12(2), 136151 Brigitte Hamm (2012), Corporate Social Responsibility in Vietnam 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Thủ Đức CTCP Dược phẩm Imexpharm CTCP Dược Hậu Giang CTCP Chứng khoán Bảo Việt CTCP Chứng khoán Sài Gòn CTCP Nhựa Bình Minh CTCP XNK Khánh Hội CTCP Vicostone CTCP Traphaco CTCP CNG Việt Nam Ngân hàng TMCP Ngoại thương Việt Nam Ngân hàng TMCP Á Châu CTCP Giống trồng Trung ương CTCP Kinh doanh Khí hóa lỏng miền Nam CTCP Văn hóa Tân Bình CTCP Tập đoàn Kỹ nghệ Gỗ Trường Thành Tổng Công ty Khí Việt Nam- CTCP CTCP Tập đoàn Hoa Sen Ngân hàng TMCP Sài 28 13,400,525 8.11 1 15 11,591,664 10.80 1 26 924,771 1,405,343 2.17 10 232,902 796,636 9.03 1 42 1,189,093 2,276,795 16.25 1 17 542,529 1,341,206 7.16 10 16 3,140,630 5,690,950 8.96 11 12 13 14 15 1 1 39 34 14 210,258 105,534 1,862,145 261,287 209,154 1,718,260 331,370 785,567 788,601 432,368 20.88 16.34 7.83 13.14 17.72 1 1 0 1 16 53 533,523,82 43,323,97 0.87 17 23 167,212,46 12,397,30 0.55 18 48 202,337 744,946 17.63 19 2,067,878 941,615 4.47 1 20 27 23,961 197,627 0.43 21 23 2,762,099 1,155,945 1.88 22 26 16,112,059 35,981,40 27.11 1 23 15 7,826,443 2,379,197 4.73 1 24 25 171,739,42 18,063,19 1.26 Name 78 12,243,49 19,680,28 7,913,345 11,478,57 Gòn Thương Tín CTCP Cơ điện lạnh CTCP Chứng khoán Rồng Việt CTCP Dệt may Đầu tư Thương mại Thành Công CTCP Hoàng Anh Gia Lai Ngân hàng TMCP Sài Gòn - Hà Nội CTCP Xây dựng Cotec CTCP Xuyên Thái Bình Tổng Công ty Phát triển đô thị Kinh Bắc CTCP CTCP Điện lực Khánh Hòa CTCP Vinafreight CTCP Tập đoàn Dabaco Việt Nam CTCP Nhựa Thiếu niên - Tiền Phong Tổng Công ty Phân bón Hóa chất Dầu khí – CTCP CTCP Đầu tư Phát triển Giáo dục Phương Nam CTCP Giống trồng Miền Nam CTCP Đầu tư Xây dựng Bình Chánh CTCP Kỹ nghệ lạnh CTCP Dược Lâm Đồng - Ladophar CTCP Vĩnh Hoàn CTCP Cao su Tây Ninh CTCP Xây dựng Kinh doanh địa ốc Hòa Bình CTCP Dịch vụ tổng hợp Sài Gòn CTCP Phân phối khí thấp áp dầu khí Việt Nam Tổng CTCP Dịch vụ 25 39 2,064,936 5,910,154 13.83 1 26 758,174 342,461 11.79 27 49 1,246,605 807,173 8.32 1 28 23 20,978,624 4.46 1 29 23 0.51 30 7.59 1 31 12 158,552,57 2,153,670 14,237,72 10,480,06 2,527,241 18 532,158 1,214,969 6.04 32 14 6,792,341 5,376,098 2.55 1 33 11 754,113 552,021 5.74 1 34 14 308,554 185,733 9.35 0 35 20 2,214,923 1,830,262 5.00 1 36 12 1,091,102 1,465,910 14.80 37 12 1,106,071 8,788,139 10.48 1 38 79,466 127,610 11.62 0 39 40 162,978 373,160 17.17 40 17 1,466,169 1,770,888 2.91 41 31 540,217 386,559 7.82 1 42 16 127,147 84,905 9.34 43 44 1 17 2,605,206 140,308 1,869,914 1,446,947 12.47 7.92 1 0 45 29 4,806,305 996,073 1.35 1 46 10 1,667,198 754,603 1.90 47 2,297,297 1,162,486 5.51 1 48 23 15,650,968 9,351,776 7.22 1 79 Kỹ thuật dầu khí Việt Nam Ngân hàng TMCP Đầu tư Phát triển Việt Nam Tập đoàn Vingroup CTCP 49 59 616,734,17 33,271,26 0.83 50 23 63,200,674 20,396,04 3.80 1 80