Unveiling Vietnam’s Top 200 Tax-Contributing Enterprises: A Colossal Collective Contribution of 794 Trillion VND, with Vingroup Closing in on PetroVietnam’s Top Spot

Following the release of the PRIVATE 100 list last week, CafeF is proud to present the VNTAX 200 list, recognizing the top 200 enterprises with the largest tax contributions in Vietnam for 2025, based on the actual payments made in 2024.

This is the second year of the VNTAX 200 list, which was first introduced a year ago. PRIVATE 100 and VNTAX 200 are part of the CafeF Lists recognition program, honoring businesses that make significant contributions to Vietnam’s economy and acknowledging their important role in the country’s development and social responsibility.

While PRIVATE 100 specifically recognizes private enterprises with tax contributions of 100 billion VND and above, VNTAX 200 encompasses all enterprises with tax contributions of 200 billion VND and above in the financial year, including state-owned enterprises, private companies, FDI enterprises, and joint ventures.

With hundreds of thousands of billions of VND in total contributions from leading enterprises, this recognition program is the only one that comprehensively reflects the level of corporate contributions across all sectors of the economy.

Given its larger scale, the minimum tax contribution to be included in the VNTAX 200 list, as well as the related industry lists, is set at 200 billion VND and above. The list for 2024 is based on actual tax payments made during the financial year (12 months) ending between June 30, 2024, and March 31, 2025.

While the PRIVATE 100 list had nearly 50 enterprises with tax contributions exceeding 1,000 billion VND, the VNTAX 200 list already features 125 enterprises at that level. Among them, 17 companies contributed over 10,000 billion VND, according to the currently available data.

The total tax contributions of the 200 enterprises in the VNTAX 200 list amounted to 794,000 billion VND, an increase of 109,000 billion VND compared to last year’s list.

The top 100 enterprises alone contributed 723,000 billion VND, which is three times the amount contributed by the top 100 private enterprises in the PRIVATE 100 list. Only 36 private sector representatives are among the top 100 enterprises in the VNTAX 200 list.

This highlights the significant contributions made by state-owned enterprises and FDI enterprises to the country’s revenue.

In the Top 200, if a conglomerate has multiple parent companies and subsidiaries that meet the criteria, only the parent company is considered for ranking. For this reason, some enterprises with contributions reaching thousands of billions or even tens of thousands of billions of VND, such as Vinhomes (a subsidiary of Vingroup), PVEP, BSR, and PV GAS (subsidiaries of PVN), are not ranked but are listed alongside their parent companies.

The Top 10 includes four state-owned groups (PVN, Viettel, Petrolimex, and Vinacomin), four FDI enterprises (Heineken, NSRP, Toyota, and Vietsovpetro), and two private enterprises (Vingroup and THACO). All of these entities contributed over 20,000 billion VND.

Collectively, these top 10 enterprises contributed 362,000 billion VND, accounting for 45% of the total contributions of the Top 200 enterprises.

While last year’s top three spots were held by state-owned groups, Vingroup has made a remarkable leap to second place this year, just behind the Vietnam National Oil and Gas Group (PetroVietnam).

Vingroup’s tax contributions increased by nearly 25,300 billion VND compared to 2023, reaching 56,200 billion VND. Vinhomes, a member of the Vingroup conglomerate specializing in real estate development, contributed 40,100 billion VND last year.

Despite not maintaining the same level of contributions as the previous two years, PetroVietnam remains the largest contributor to the state budget, with 77,400 billion VND. This amount is even higher than the total contributions of the 100 enterprises ranked from 101st to 200th.

This figure represents the contributions of PetroVietnam and its subsidiaries. If we consider the entire PetroVietnam system, including related companies, the total contributions reach an impressive 165,000 billion VND.

Notable names in the 11th to 20th positions include EVN, Vinataba, TC Group, Hoa Phat, Sabeco, Vietcombank, and Agribank.

The oil and gas sector stands out with four representatives in the Top 10: PetroVietnam, and three joint ventures – Lọc hóa dầu Nghi Sơn (NSRP), Vietsovpetro, and Petrolimex.

Leading enterprises in the automotive and beer industries have consistently been among the top tax contributors for many years.

In the banking sector, the Big 4 state-owned banks remain the largest tax contributors, although the gap with the top private banks is narrowing. Last year, Agribank’s tax contributions reached nearly 9,000 billion VND, an increase of almost 80% compared to 2023, making it the state-owned bank with the highest growth rate in tax contributions.

In the group of private banks, institutions like LPBank, SHB, and TPBank are also emerging as significant tax contributors in the industry. Notably, LPBank has made its mark with consistently high and stable tax contributions, positively impacting state revenue thanks to its sustainable and effective business strategy.

In 2024, LPBank and SHB both achieved remarkable profits, reaching nearly 12,200 billion VND and 11,500 billion VND, respectively, surpassing the 10,000 billion VND mark for the first time. In the first half of 2025, SHB’s profit continued to grow by 30%, reaching 8,900 billion VND.

In the financial sector, in addition to banks, insurance and securities companies also showed significant growth in tax contributions.

Among the top life insurance providers in the market, AIA Vietnam, a member of the AIA Group, stands out for its strong financial position and stable operations, consistently contributing significantly to the state budget. In the last two years, AIA has contributed over 600 billion VND each year.

In the technology and telecommunications sector, private enterprises like FPT, VNG Group, and MoMo are rapidly expanding their operations and making growing contributions to the state budget, alongside state-owned enterprises such as Viettel and VNPT.

While VNG Group leads the way with its international AI strategy, MoMo is a prominent example as the leading fintech platform, driving cashless payment habits, applying AI in finance, and supporting the mission of democratizing financial services, contributing to the stability of the financial system, and advancing the country’s digital transformation journey.

Real estate and construction are among the few industries where private enterprises dominate state-owned or FDI enterprises in terms of tax contributions. Out of nearly 20 units contributing over 1,000 billion VND, only two are state-owned enterprises and one is an FDI company.

As one of the leading construction companies, Coteccons Construction Joint Stock Company contributed nearly 300 billion VND in taxes for the financial year ending June 30, 2024.

According to the recently published financial results for the fourth quarter of the 2025 financial year, Coteccons recorded impressive performance with quarterly revenue of nearly 8,351 billion VND and after-tax profit of 196 billion VND, 2.8 times higher than the same period last year. For the full year, profit is estimated at 454 billion VND, up 46.6% from the previous year. Along with the growth in business performance, Coteccons’ tax contributions also increased by over 30% to nearly 400 billion VND.