Fortune Names PAN Group Among Southeast Asia's Top 500 Largest Companies

On June 18, Fortune Magazine unveiled the 2024 Fortune Southeast Asia 500 list, marking the inaugural ranking of the 500 largest companies in Southeast Asia, based on revenues for the fiscal year 2023. This prestigious list includes leading corporations from seven countries in the region: Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines and Cambodia.

After undergoing rigorous evaluations by Fortune, PAN Group has been recognised as one of the 70 Vietnamese enterprises featured in this prestigious ranking.

PAN Group enters the top 500 largest companies in Southeast Asia as voted by Fortune Magazine.

Fortune highlighted that in 2023, PAN Group achieved a net revenue of US$ 554 million, equivalent to VND 13,205 billion. With a strategic focus on high-end segments and an advantage in deeply processed products, the substantial profit margins enabled PAN Group to surpass its profit targets for 2023. This achievement is particularly noteworthy given the numerous economic headwinds that Vietnam faced during the year.

In Vietnam, PAN Group is known as a leading enterprise in the agriculture and food sectors. Its key products, including rice, shrimp, fish, cashews, coffee and agricultural chemicals, are widely distributed across all 63 provinces and cities in Vietnam, with over 200,000 points of sale. Additionally, these products are exported to more than 40 countries, with key markets including Japan, Europe and the United States.

Reflecting on the period from 2019 to 2023, PAN Group has shown steady and consistent growth, with revenue increasing from VND 7,812 billion in 2019 to VND 13,204 billion in 2023, a 1.7-fold increase. Similarly, PAN's net profit has also grown significantly, reaching VND 817 billion in 2023, nearly double that of 2019. The company achieved an average compound annual growth rate (CAGR) of 16 per cent a year.

PAN Group's Annual Shareholders' Meeting in 2024. Photo Pan Group

Ms. Nguyễn Thị Trà My, CEO of PAN Group, said: “PAN Group has member companies with extensive experience in the agriculture and food industries. The opportunities ahead are significant, as the group has developed sustainably and built a strong reputation over the past decade. The accumulation of expertise and resources over many years now presents numerous opportunities for growth.”

Chief Operating Officer of Fortune Asia, Khoon-Fong Ang, said: “With this list, we particularly focus on the impressive growth story of Southeast Asia and the largest companies driving the region's diverse economic development.”

In addition to revenue and profit figures, PAN Group's inclusion in Fortune’s list is also notable for its sustainable development projects, such as 'Transforming the Rice Value Chain to Respond to Climate Change and Promote Sustainable Development in the Mekong Delta' and 'Enhancing Rice Farmers' Incomes' tied to the national project '1 Million Hectares of High-Quality, Low-Emission Rice for Green Growth in the Mekong Delta by 2030.'

The company also stated that sustainable development is always a long-term strategic priority, inseparable from its key objectives: economic, environmental and social goals. PAN Group is consistently ranked among the best-listed companies in Vietnam.

This commitment to sustainability has enabled PAN to access green and preferential funding sources both domestically and internationally. A notable example is the agreement with Standard Chartered Vietnam, signed during COP28 in Dubai.

“Sustainable development is a critical strategic action for ensuring the resilience and optimal risk management of our business,” said the CEO of PAN Group.

The Fourtune’s data indicates that out of the top 500 companies in Southeast Asia, only around 30 of them, or 6%, have female Presidents or CEOs. The fact that 5 of those 30 female leaders are from Viet Nam. This suggests that while there has been some progress, women are still significantly underrepresented in the highest levels of corporate leadership in the region.

The report highlights that the female leaders identified have demonstrated strong performance in areas like corporate governance, profitability, and community/social impact.

The Fortune representative's comments suggest that the rankings of the top 500 companies in Southeast Asia reflect a region that is highly dynamic and flexible, with economies that are growing more impressively than Europe or North America.

The fact that many Global 500 companies have relocated or expanded their supply chains to Southeast Asia. ./.