Vicostone named among the 25 leading consumer goods and industrial firms

October 19, 2023 - 15:42
Vicostone, a subsidiary of the Phenikaa Group, is one of five enterprises from the construction materials sector that have made the list.


A Vicostone representative receives the award from Forbes Vietnam. — Photo courtesy of Vicostone

HÀ NỘI — With a brand value of US$46.5 million, Vicostone JSC ranked 11th in Forbes Vietnam's Top 25 leading consumer goods and industrial companies.

Vicostone, a subsidiary of the Phenikaa Group, is one of five enterprises from the construction materials sector that have made the list.

According to Forbes Vietnam, Vicostone is one of the third-largest suppliers of engineered stone countertops to the global market, with the capacity to produce over three million square metre slabs each year.

The company's products are widely used in interior design for luxurious spaces. Vicostone's brand position arises from its comprehensive control over the raw material supply chain, encompassing quartz stone, polyester resin, cristobalite from domestic sources and internal subsidiaries, it said. 

2023 is the eighth consecutive year that Forbes Vietnam has calculated and announced the ranking and the third year they've assessed company brands categorised by a particular industry.

This year's list focused on companies within the consumer goods and industrial sectors, following previous financial (2021) and F&B (2022) assessments. The list aims to honour industry giants renowned for their robust brands with extensive market coverage products.

With assistance from SSI Securities Company, Forbes Vietnam compiled this list following the evaluation approach used by Forbes US, analysing the role of a brand in business performance. This approach excludes profits generated from tangible assets to ascertain a company's earnings derived from intangible assets.

Afterward, Forbes Vietnam compares the brand's impact within each industry with the average price-to- earning ratio of that industry at the time of assessment to determine the brand value of each company. 

With over two decades experience in the construction material manufacturing industry, Vicostone has demonstrated a solid commitment to quality and brand reputation with all stakeholders.

Operating in more than 50 countries across five continents, Vicostone has actively embraced technological innovation, invested in enhancing production through a comprehensive digital transformation platform, intensified research efforts, and applied advanced technologies that follow green - clean and smart principles.

"This strategy is essential to Vicostone's mission of consistently improving value, delivering top-notch products in terms of quality and aesthetics, and retaining its prominent position as the preferred choice for professionals and consumers locally and globally," the company said in a statement. 

In addition to being honoured among the Top 25 leading consumer goods and industrial companies, Vicostone has received recognition from reputable organisations such as Việt Nam’s 50 best performing companies, Top 100 most valuable brands in Việt Nam, and the Top 500 best profitable companies in Việt Nam in 2023.

Representatives from top 25 leading consumer goods and industrial companies pose for a photo. — Photo courtesy of Vicostone

During the 2023 Annual General Meeting (AGM) of Shareholders, two scenarios were approved for the 2023 business plan.

Under the first, net revenue is expected to reach more than VNĐ5.89 trillion while pre-tax profit will likely hit over VNĐ1.32 trillion.

Following the second scenario, in case the economic, political and social contexts develop in an unfavourable direction beyond the company’s expectation, net revenue is predicted at above VNĐ4.71 trillion and total profit before tax at over VNĐ1 trillion.

They also approved the cancellation of its stock purchase plan to ensure capital for production and business activities in response to complicated market movements,.

Vicostone said it continues to push R&D activities to sharpen its unique edge in the field of green and sustainable materials, securing its competitive position in the key markets and the development of potential markets.

The company also seeks to stabilise jobs and incomes for employees, improve corporate governance capacity based on international management practices and focus on training high-quality human resources to ensure sustainable development.

The firm earned revenue of more than VNĐ1 trillion (US$42.6 million) in the first quarter of this year. It also posted an after-tax profit of VNĐ190 billion in Q1. — VNS