THE SOCIALIST REPUBLIC OF VIET NAM
Government News
200 leading enterprises contribute over 37% of State budget
VGP - The 200 largest taxpayers in Viet Nam contributed more than VND1,000 trillion (US$38.3 billion) to the State budget in 2025, accounting for over 37 percent of the country's total State budget revenue.
Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Nguyen Quang Vinh (1st from L) and Director General of the Government Information and Communications Department and Editor-in-Chief of the online newspaper of the Government of Viet Nam Nguyen Hong Sam (first from R) present certificates of recognition to the largest taxpayers in Viet Nam in 2026, Ha Noi, September 15, 2026
The country's largest taxpayers, listed under VNTAX 2026, were honored at a ceremony held in Ha Noi on September 15.
According to data from VNTAX 2026, the 100 largest private enterprises contributed VND390.7 trillion to the State budget in 2025, just VND35.1 trillion lower than the combined contribution of the 100 largest State-owned enterprises.
The figures reflect the increasingly significant role of large private enterprises in the national economy and their growing contribution to State budget revenue.
Budget contributions, however, remained highly concentrated among the country's largest companies. The top 20 enterprises in VNTAX 200 accounted for nearly 62 percent of total payments made by the companies on the list.
The number of enterprises contributing more than VND10 trillion to the State budget also rose significantly, reaching 26 in VNTAX 200, nine more than in the previous ranking.
Developed by CafeF, the VNTAX system is based on enterprises' actual State budget payments during the 2025 fiscal year and comprises three rankings: VNTAX 200, PRIVATE 100 and STATE 100.
Under PRIVATE 100, the 100 largest private-sector taxpayers contributed VND390.7 trillion, an increase of VND146.3 trillion, or 60 percent, compared with the previous ranking. Their combined contribution was equivalent to about 14.7 percent of Viet Nam's total State budget revenue in 2025.
Meanwhile, the 100 State-owned enterprises included in STATE 100 contributed VND425.8 trillion after duplicate payments between parent companies and subsidiaries were eliminated. This amount was equivalent to about 16 percent of total State budget revenue.
The contribution of PRIVATE 100 reached nearly 92 percent of that of STATE 100.
The changing contribution structure was also reflected in VNTAX 200, which covers enterprises across all ownership sectors. The ranking included 99 private enterprises, 73 State-owned enterprises and 28 foreign-invested and joint-venture enterprises.
State-owned enterprises remained the largest contributors, paying more than VND424 trillion, or about 43 percent of total payments by VNTAX 200 companies. Private enterprises ranked second, contributing more than VND390 trillion, or 39 percent.
The sharp increase in private-sector contributions was driven largely by the country's biggest private taxpayers. Combined payments by the top 10 companies in PRIVATE 100 surged from around VND148 trillion to VND268 trillion in one year, representing an increase of about 80 percent.
Vingroup topped PRIVATE 100, with its State budget contribution rising from VND56.2 trillion to nearly VND148.8 trillion.
Other major private-sector taxpayers included Sunshine Group, NH Smart City under BRG Group, THACO, Hoa Phat Group, FPT Corporation, Techcombank, VPBank and ACB.
Among State-owned enterprises, the largest contributors remained concentrated in key sectors such as oil and gas, energy, petroleum, telecommunications and banking. PetroVietnam ranked first in STATE 100, with approximately VND91 trillion in State budget payments, followed by Viettel with more than VND42.29 trillion./.