Revealing the Top 10 Private Consumer Goods and Household Companies Contributing the Most to Vietnam’s Economy

Alongside their contributions to economic development and job creation, as well as community social initiatives, a company’s tax contributions are an important measure of their impact on a country’s progress.

While there are many ways to recognize and honor businesses for their achievements, there is currently no list that specifically highlights their tax contributions. To address this gap, CafeF has taken the initiative to create a list that celebrates private enterprises for their significant tax contributions to the nation – the PRIVATE 100.

The PRIVATE 100 list includes all private enterprises with tax contributions of 100 billion VND and above. From this comprehensive list, we further categorize the enterprises into industry-specific sub-lists and introduce the PRIVATE 100 – Leading Group, which ranks the top 100 enterprises with the highest tax contributions.

The list honoring the Top 10 Private Enterprises in the Consumer Goods and Household Appliances Industry with the Largest Tax Contributions is a part of the PRIVATE 100 initiative. Previously, we unveiled the lists for Top 10 Private Banks, Top 10 Private Securities Companies, Top 9 Private Enterprises in the Distribution and Retail Sector, and Top 10 Private Real Estate Companies with the largest tax contributions.

In 2023, these 10 enterprises contributed a total of over 3,200 billion VND to the state budget. Notably, Tan A Dai Thanh and Rang Dong Lightbulbs and Jars contributed more than 500 billion VND each.

According to the Global Industry Classification Standard (GICS) – a classification system developed by Morgan Stanley Capital International (MSCI) and Standard & Poor’s (S&P), the consumer durables and apparel sector includes household durables (consumer electronics, home appliances, household products, home furnishings, and housing-related industries), entertainment products, and textiles and apparel (clothing, accessories and luxury goods, footwear, and textiles).

Household appliances are essential in every household, especially in the post-COVID-19 era, as Vietnamese people tend to spend more time at home and invest in improving their living spaces.

At the Vietnam International Exhibition on Electronics and Smart Devices (IEAE) 2024, data from the Domestic Market Department of the Ministry of Industry and Trade revealed that the domestic market for household appliances is estimated at 12.5-13 billion USD in 2023. The demand for purchasing electronic appliances and kitchen equipment is expected to continue rising through 2025, with an average growth rate of 10%/year.

With a population of nearly 100 million and a growing middle class, Vietnam’s market for household goods is thriving, driven by increasing consumer demand.

Topping the list of the Top 10 Private Enterprises in the Consumer Goods and Household Appliances Industry with the Largest Tax Contributions is the Tan A Dai Thanh Group. In 2023, Tan A Dai Thanh contributed 797 billion VND to the state budget.

With a diverse range of products, Tan A Dai Thanh is a leading Vietnamese group in the manufacturing and supply of metal household products and water equipment for homes and construction projects.

Currently, Tan A Dai Thanh comprises 4 large corporations, 45 member companies, 17 high-tech factories in Vietnam and abroad, nearly 100 trusted products and brands, 300 direct branches, and over 30,000 sales agents nationwide.

According to Tan A Dai Thanh’s data, the group leads the market share in four product categories: stainless steel tanks, plastic tanks, water heaters, and solar water heaters. The stainless steel tank business was their initial venture when they started in 1993.

After three decades of development, Tan A Dai Thanh has announced a comprehensive restructuring of the group and a new vision to become a leading multi-industry economic group in Vietnam and the region, focusing on three key areas: Industry – Technology – Real Estate.

Ranking second in tax contributions within the top 10 is Rang Dong Lightbulbs and Jars JSC with 503 billion VND, including 369 billion VND in value-added tax, accounting for 73% of the company’s total tax contributions in 2023. Rang Dong’s lightbulbs and jars have become household names since the subsidy period, familiar to multiple generations. Rang Dong has a substantial production capacity, manufacturing 100 million LED products, 5 million desk lamps and lighting equipment, and 32 million jars and jar lids annually.

Also well-known for its stainless steel tanks, Son Ha contributed 292 billion VND to the state budget in 2023. In addition to its tank business, the Son Ha Group offers a range of other household products.

The Hoa Phat Home Appliances Corporation is a subsidiary of the Hoa Phat Group, specializing in the production and trading of refrigeration and electrical appliances under the brands of Hoa Phat and Funiki. In 2023, Hoa Phat Home Appliances contributed 367 billion VND to the state budget.

DNP Holdings, alongside its other businesses, is developing INOCHI as a premium household brand. They aim to achieve a revenue scale of approximately 2,500 billion VND by 2028, with an average growth rate of 30%/year. In 2023, DNP Holdings contributed 241 billion VND to the state budget, including 96 billion VND in corporate income tax and 82 billion VND in value-added tax…

In the furniture industry, Go An Cuong contributed over 300 billion VND to the state budget in 2023, the highest amount since 2020. Go An Cuong specializes in the production and trading of wooden household and industrial goods, industrial boards, interior decorations, kitchen equipment, and other wood-based products.

Phu Tai JSC’s core businesses are in the wood and stone product sectors. In 2023, these two sectors accounted for over 80% of the company’s revenue allocation by industry. In the wood sector, the main export markets of the US and Europe faced inflationary pressures, leading to a decrease in consumption and orders. Despite these challenges, Phu Tai contributed 281 billion VND to the state budget in 2023, a 10% decrease compared to 2022.

As a leading manufacturer and distributor of premium quartz-based engineered stone, Vicostone contributed 166 billion VND to the state budget in 2023.

Two enterprises in the textile industry, May Viet Tien and May Song Hong, contributed 147 billion VND and 112 billion VND, respectively, to the state budget. May Viet Tien is renowned for its Viet Tien brand of men’s office fashion, while May Song Hong is known for its Song Hong brand of bedding products.