Vicostone named among top listed sustainable companies in 2022

August 10, 2022 - 10:55
Vicostone has made remarkable achievements with its profound corporate governance, high adaptability and flexibility in the face of market changes.
Nguyễn Chí Công, deputy general director of Vicostone JSC (middle), receives the award from Forbes Vietnam magazine. — Photo courtesy of Vicostone

HÀ NỘI — Vicostone JSC (HNX: VCS) has been recognised as one of the top 50 best-listed companies in 2022 by Forbes Vietnam magazine for the eighth consecutive year.

The company - a member of Phenikaa Group, has also been named as one of the 50 best sustainable companies in the Nhịp Cầu Đầu Tư magazine’s first-ever ranking.

With Việt Nam and its local enterprises enduring adversities and challenges amid COVID-19, Vicostone has made remarkable achievements with its corporate governance, high adaptability and flexibility in the face of market changes.

In 2021, Vicostone reported its total revenue and profit after tax gained respective growth of 24 per cent and 25 per cent year-on-year to more than VNĐ7.07 trillion and VNĐ1.77 trillion.

Despite the pandemic, the company’s exports to key international markets last year increased by a record rate of 38.4 per cent year-on-year to US$230 million. Sales revenues in particular markets like Canada, Europe and Asia surged 150 per cent, 28 per cent and 20 per cent per year, respectively.

VICOSTONE products are available in more than 50 countries worldwide. — Photo courtesy of Vicostone

According to Vicostone, the 2021 positive business performance was thanks to its proactiveness and good risk management regarding human resources management, production and sales, and system management.

In addition, the support of the parent company Phenikaa with its material self-supply strategy enabled Vicostone to control the supply of input materials to minimise the risks of depending on material imports and foreign exchange rate volatility, optimise product cost, and improve product quality, it said.

During the period, the company expanded its distribution network in key markets such as North America and strongly invested in R&D to create ground-breaking, unique, trendsetting products.

In the fight against the pandemic, Vicostone has also developed a variety of sale and manufacturing plans, arranged vaccination and guaranteed health and income for all employees, thus stabilising the operations.

Besides achievements in business operations, Vicostone has always stressed the ideology of the conscious business to strive for the benefits of the community and stakeholders.

The company and its parent Phenikaa have launched several activities on efficient use of energy and materials, environmental protection, and community charity as they hope to assist Vietnamese people to overcome difficulties and return to safe, stable living conditions.

With such results, the admission to the reputable rankings is a recognition of the efforts by the company and its employees, Vicostone said, adding that these awards are expected to drive Vicostone to maintain its performance, and contribute more to the sustainable development of the country, people and society as a conscious business.

The Top 50 Best Listed Companies ranking is the annual review of the Forbes Vietnam magazine to assess local enterprises in regards to their compound annual growth rates in revenue and profit, return on equity and return on capital ratios, earnings per share growth rates in 2016-21, as well as their sustainability, branding development, and corporate governance.

Most of the best-listed companies are highly influential, leading enterprises in their own sectors and the country’s economy.

Meanwhile, the Top 50 Best Sustainable Companies ranking of Nhịp Cầu Đầu Tư magazine evaluates the companies in terms of growth sustainability, sustained corporate culture, corporate governance quality, environmental protection and corporate social responsibility.

The ranking programme is advised and assisted by the judges that are representatives of HSBC, Deloitte Vietnam, FTI (Singapore), and the Institute for Circular Economy Development in compliance with international standards and practices. — VNS