Recognizing the significant role of the private sector in the economy, CafeF has created PRIVATE 100 – a list of the top private enterprises contributing to Vietnam’s state budget.
Debuting on August 15, 2024, PRIVATE 100 is based on actual financial contributions made during the fiscal year (12 months) ending between June 30, 2023, and March 31, 2024.
PRIVATE 100 comprises a comprehensive list of all private enterprises contributing over 100 billion VND, along with a Top 100 ranking of the leading private companies (Private 100: Leading Group). In the Top 100, if a conglomerate has multiple parent-subsidiary entities meeting the criteria, only the parent company is considered for ranking.
The top ten enterprises are well-known private conglomerates, with half of them belonging to dollar billionaires, including Vingroup, THACO, Hoa Phat, Techcombank, and Masan Group.
All ten leading enterprises contributed over 4,000 billion VND to the state budget, with Vingroup taking the lead at 30,900 billion VND. The remaining top enterprises contributed 4,000 billion VND and above.
Three enterprises associated with the ecosystem of billionaire Nguyen Thi Phuong Thao – HDBank, Vietjet, and HD Securities – collectively contributed more than 4,000 billion VND.
Private banks accounted for 17 out of the Top 100 enterprises, contributing nearly 42,000 billion VND. The top ten private banks contributed over 36,800 billion VND, an increase of more than 10,700 billion VND compared to 2022. Several banks doubled their budget contributions from the previous year, amounting to thousands of billions.
Private real estate enterprises ranked second in budget contributions, with over 37,000 billion VND. Among them, seven enterprises contributed more than 1,000 billion VND. If we include the figures from large conglomerates with diverse business portfolios, such as Vingroup, THACO, and Gelex, this amount could exceed 50,000 billion VND.
The leading enterprises in the real estate sector for 2023 and 2024 made significant budget contributions in Hai Phong, where they are heavily investing. These include Vinhomes, Hoang Huy Group, and DOJILAND.
The consumer goods and retail sector is also notable, with nearly 20 enterprises contributing over 21,000 billion VND. The Masan consumer goods and retail conglomerate contributed more than 4,400 billion VND; beer enterprises contributed nearly 6,000 billion VND; other F&B enterprises contributed over 7,000 billion VND; and retail enterprises contributed 3,700 billion VND.
Several retail enterprises boasted contributions of up to thousands of billions of VND, including Mobile World Investment Corporation (MWG), and two leading jewelry retailers, PNJ and DOJI.
The securities sector is well-represented with 15 enterprises in the PRIVATE 100 list, three of which contributed over 1,000 billion VND. The technology sector, while modest in the number of large private companies, is represented by two enterprises that contributed over 1,000 billion VND each: FPT and VNG.
Steel enterprises contributed nearly 12,000 billion VND, mainly from Hoa Phat.
In addition to these prominent sectors, the PRIVATE 100 list includes enterprises from almost all other vital sectors of the economy.
According to the finalized list, the top 100 enterprises of PRIVATE 100 contributed nearly 173,000 billion VND to the state budget in 2023. Over 30 of these enterprises contributed at the thousand-billion level. The lowest-ranked enterprise contributed over 240 billion VND.
The contributions of the top three enterprises – Vingroup, THACO, and Hoa Phat – accounted for more than one-third of the total contributions of the PRIVATE 100 list.
Financial services, including banking, securities, and insurance, accounted for 28% of the total contributions. Enterprises primarily engaged in the real estate and construction sector (excluding Vingroup) contributed 10%.
PRIVATE 100 – Top Private Enterprises Contributing to Vietnam’s State Budget is a list compiled by CafeF based on publicly available information or verifiable data. It reflects the actual budget contributions of enterprises, including taxes, fees, and other mandatory payments. Enterprises contributing at least 100 billion VND to the state budget in the latest fiscal year are eligible for inclusion in the list.
Notable enterprises in the 2024 list, reflecting their contributions in the 2023 fiscal year, include ACB, DOJI, HDBank, LPBank, Masan Group, MoMo, OCB, PNJ, SHB, SSI, Techcombank, TPBank, Hoa Phat Group, Tan A Dai Thanh, Vingroup, VNG, VPBank, VIB, Vietbank, and VPS (listed in alphabetical order).
Following the release of PRIVATE 100, CafeF will continue to publish lists of the largest budget-contributing enterprises in Vietnam, encompassing all economic sectors, including state-owned enterprises, private enterprises, and foreign-invested enterprises.
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