The Vietnam Report Joint Stock Company released  on Wednesday its first FAST500 - a list of 500 fastest-growing companies in Vietnam during 2007-2011, of which those in the private sector accounted for a majority with 71. 6 percent.

Accordingly, the top 500 companies had an average growth rate of 57 percent during 2007-2010 and 54 percent in 2011.

Meanwhile, the top 50 companies hit a growth rate of 127 percent, and the top 100 with 94 percent.

While the private sector made up a majority of the list, the state-owned businesses held only 22.2 percent.

Companies in the processing, production and construction sectors accounted for a large proportion of the list with 29 percent, while petroleum trading and services firms held a majority of the turnover.

Capital Hanoi and southern Ho Chi Minh City had more than a half of FAST500 companies, with 144 and 120 companies respectively.

Enterprises operating in agriculture and exports continued to create many jobs for the country. The list revealed that the number of workers in 2011 was more than 313,000, higher than the figure of 267,000 in 2010.

Up to 70 percent of private companies had plans to expand their business and increase their investment this year, despite global economic difficulties, said the report.

FAST500 is held for two consecutive years, aimed at highlighting effectively run companies with a fast growth rate.