One of the most distinctive features of top conglomerates in Northeast Asia (Japan, South Korea) and Southeast Asia is their diversification across multiple industries. In South Korea, the term “chaebol” refers to key conglomerates such as Samsung, SK Group, Hyundai, Lotte, and LG. Meanwhile, Japan has classic models like Zaibatsu/Keiretsu, which include well-known names such as Mitsubishi, Mitsui, and Sumitomo.
In Vietnam, most of the leading private enterprises have also diversified into multiple sectors. Notable examples include Vingroup (electric vehicles, real estate, tourism, healthcare, and education), THACO (automobiles, real estate, retail, logistics, and agriculture), Masan Group (consumer goods, retail, mining, and finance), and BIM Group (real estate, renewable energy, agriculture and food, and consumer services).
Even companies relatively focused on a core sector, such as Hoa Phat (steel products) or FPT (technology and telecommunications), have ventured into other business areas.
As a continuation of our series on the PRIVATE 100 rankings—the TOP PRIVATE ENTERPRISES WITH THE LARGEST TAX CONTRIBUTION IN VIETNAM—we now present the top 10 diversified private conglomerates with the largest tax contribution.
Alongside familiar publicly-listed companies like Vingroup, Hoa Phat, Masan, FPT, and REE, the top 10 diversified private conglomerates now include some notable unlisted groups: Thanh Cong Group (TC Group, with its core business being Hyundai Thanh Cong), BIM Group, and DOJI Group (focused on retail and real estate).
Together, these top 10 diversified conglomerates contributed over VND 94,000 billion in taxes for 2023. Despite their diverse business portfolios, the top three contributors—Vingroup (VND 30,900 billion), THACO (VND 21,000 billion), and TC Group (VND 13,800 billion)—all have a presence in the automobile industry and are currently the three largest private automobile enterprises in Vietnam.
Vingroup owns VinFast, TC Group operates TC Motor selling Hyundai and Skoda vehicles, and THACO Auto deals in multiple brands such as BMW, Mazda, KIA, and Thaco Bus.
The top three private diversified conglomerates with the largest tax contributions are involved in the automobile industry.
In addition to automobiles, these three companies, along with Hoa Phat, BIM Group, DOJI Group, REE, and IDICO, have investments in real estate. Hoa Phat contributed over VND 9,000 billion in taxes for 2023, BIM Group contributed more than VND 2,500 billion, and DOJI Group contributed VND 2,200 billion…
Energy is a common sector for BIM Group, REE, and IDICO. While REE and IDICO mainly own hydroelectric power plants, BIM Group specializes in solar and wind power.
Moreover, THACO, Masan, and DOJI share a presence in the retail sector.
According to its website, BIM Group possesses 7,200 hectares of land reserves, and its renewable energy arm is one of the largest private investors in Vietnam, with a total wind and solar power capacity of 500MW.
According to its website, BIM Group possesses 7,200 hectares of land reserves, and its renewable energy arm is one of Vietnam’s largest private investors in wind and solar power.
PRIVATE 100 – Top Private Enterprises with the Largest Tax Contribution in Vietnam is a list compiled by CafeF based on publicly available information or verifiable data. It reflects the actual tax contributions of enterprises, including taxes, fees, and other mandatory payments. Enterprises with a tax contribution of VND 100 billion or more in the latest fiscal year are eligible for inclusion in the list.
Notable enterprises in the 2024 list, reflecting their contributions for 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 PRIVATE 100 list, CafeF will publish the VNTAX 200 list, which will rank the top 200 enterprises with the largest tax contributions in Vietnam, encompassing all economic sectors, including state-owned enterprises, private enterprises, and foreign-invested enterprises.
“Foreign Direct Investment in Vietnam Surges Ahead of ASEAN Average: Over 40,000 Hectares of Industrial Land Prepared for Takeoff”
Vietnam’s exports are projected to grow at a rate of 6.8% annually between 2024 and 2030, showcasing the country’s thriving economy and its potential to become a significant player in the global trade landscape.
Revolutionizing Rail: A Holiday Boon for Vietnam’s Railways
On the afternoon of September 3, the Danang City Tourism Department announced that the number of visitors arriving by train had reached approximately 10,600, a significant increase of over 42% compared to the same period last year. Notably, there was a substantial rise in the number of passengers traveling by train from neighboring localities.
“Long-Term Investment in Masan Group, SK Group Extends Put Option”
On September 4, 2024, Masan Group (HOSE: MSN) announced that it has agreed with SK Group to extend the put option timeline between the two parties by up to five additional years.
The Battle of Vietnam’s Logistics Giants: Viettel Post, J&T, and Giao HÃ ng Nhanh – Investing Millions in Technology, But Still Wary of Slip-ups.
In the thriving landscape of e-commerce, the delivery market is bustling like never before. With an ever-increasing number of online transactions, the demand for efficient and reliable delivery services has skyrocketed. As consumers, we now expect seamless and swift deliveries to our doorsteps, and businesses are racing to meet these expectations. This has led to a highly competitive market, with companies striving to offer the fastest, most convenient, and cost-effective delivery options. The game has changed, and the delivery market is now a pivotal player in the success of e-commerce as a whole.
