The Top 10 Private Food and Beverage Companies Contributing to Vietnam’s Economy

The top 10 private enterprises in the Food and Beverage industry for 2024 contributed over VND 16,600 billion to the state budget, with 5 of them contributing more than VND 1,000 billion each (an increase of 2 from the previous year).

All enterprises on the list witnessed year-on-year growth in their budget contributions.

CTCP Nguyen Lieu A Chau AIG (AIG) joined the “thousand billion club” with a contribution of VND 1,138 billion. Other members of this prestigious club include well-known companies such as Masan Group (MSN), Vinamilk (VNM), Saigon Beer – Central (SMB), and Quang Ngai Sugar Joint Stock Company (QNS).

Closely following the “thousand billion club” are CTCP Bia va Nuoc Giai Khat Ha Long (HLB) and CTCP Sua Quoc Te LOF (IDP), with impressive contributions to the state budget.

LOF, in particular, experienced a 15% increase in revenue in 2024, amounting to VND 7,658 billion, which translates to a remarkable VND 1,000 billion increase compared to 2023.

Other notable enterprises, such as PAN Group (PAN), Kido Group (KDC), and Thanh Thanh Cong – Bien Hoa (SBT), contributed between VND 400 billion and VND 650 billion to the state budget.

In summary, the top 10 private enterprises in the Food and Beverage industry that made the most significant contributions to the state budget include:

+ 3 diversified food and beverage companies: Masan, PAN Group, and Kido

+ 2 dairy specialists: Vinamilk and LOF

+ 2 beer specialists: Saigon Beer – Central and Bia Ha Long. Saigon Beer – Central represents several Saigon Beer producers where Sabeco does not hold a controlling stake, such as Saigon Beer – Ben Tre and Saigon Beer – Vinh Long. These companies have high budget contributions due to the nature of the beer industry.

+ 2 sugar companies: Quang Ngai Sugar (QNS) and TTC AgriS. However, it is important to note that QNS is currently the largest soymilk company in the market.

+ 1 food ingredient specialist: AIG.

The list of top performers in the Food and Beverage industry is part of the PRIVATE 100 and VNTAX 200 series, which recognizes enterprises that made the most significant contributions to the state budget based on actual payments made during the 2024 financial year. CafeF initiated the publication of these lists on August 4, 2025.

While VNTAX 200 encompasses all enterprises with budget contributions of VND 200 billion or more in the financial year (including state-owned enterprises, private enterprises, FDI enterprises, and joint ventures), PRIVATE 100 exclusively focuses on private enterprises with budget contributions of VND 100 billion or higher.

With hundreds of thousands of billions of dong contributed by leading enterprises, these recognition lists uniquely showcase the comprehensive financial contributions of enterprises across all economic sectors.

The PRIVATE 100 and VNTAX 200 lists for 2025, based on 2024 data, comprise sector-specific rankings, such as Banking, Securities, Real Estate, Consumer Goods, and Retail, which will be unveiled sequentially throughout August 2025.

Masan Group, a leading consumer and retail enterprise, and Vinamilk, Vietnam’s largest dairy company, both contributed over VND 4,500 billion to the state budget.

Specifically, Masan Group contributed VND 4,803 billion, an increase of 8.6% from the previous year, while Vinamilk’s contribution stood at VND 4,569 billion, marking an impressive 11.3% year-on-year growth. Together, these two industry leaders contributed VND 16,628 billion, accounting for 56% of the total budget contributions from this list.

Over the last three years, Masan Group has contributed more than VND 14,000 billion to the state budget (including VND 6,000 billion from Masan Consumer), while Vinamilk has contributed over VND 13,000 billion.

LOF, a rapidly growing dairy company, has also made significant contributions, totaling nearly VND 1,900 billion in the last three years.