At the event, Dr. Nguyen Van Phung, former head of the Large Enterprise Tax Management Department, General Department of Taxation, shared: “Before I retired, I helped the government achieve two things. First, taxing Google and Facebook – entities with no permanent establishment, office, or presence in Vietnam – by collecting taxes through the electronic information portal. This novel proposal was implemented before my retirement.”
“Secondly, the electronic invoicing program. This proposal dates back to the 2000s, but it wasn’t until 2010 that the government introduced Resolution 51, which included electronic invoicing, and by 2022, we had the connected electronic invoicing system that we have today.”
According to Dr. Phung, one reason for the increase in revenue this year is better tax administration thanks to digital transformation programs.
“We strive for a fair and healthy business environment, and I am glad to have contributed a small part to creating such an environment,” shared Dr. Phung.
Analyzing the list of top enterprises (in the top 100 and 200), Mr. Phung noticed that among the top 20 companies, 10 belong to the state-owned economic sector, 5 to the foreign-invested economic sector, and 5 to the private economic sector.
While the number 5 out of 20 (25%) is small, it demonstrates the leading role of state-owned enterprises. However, the private sector’s advancement to this position reflects their tremendous efforts and can be seen as a testament to the trust placed in them by managers and the country for future development.
“Looking at the revenue structure, many enterprises pay taxes of 500 billion, 1,000 billion, 10,000 billion, or even 20,000 billion VND. Still, I highly appreciate those enterprises that contribute 100 billion or 200-300 billion VND because I consider the nature of their revenue sources,” emphasized the former head of the Large Enterprise Tax Management Department, General Department of Taxation.
Dr. Nguyen Van Phung, former head of the Large Enterprise Tax Management Department, General Department of Taxation
According to the expert, most of the budget revenue still relies on a few main sources. It is associated with natural resources such as oil and gas, which cannot be a sustainable source of revenue, and land in real estate projects, special consumption tax for beer and liquor.
Corporate income tax and personal income tax reflect the increase in the economy’s value, as per economic principles. Only when corporate income tax and personal income tax increase will Vietnam have a sustainable, clean, and effective budget.
“Of course, it should be noted that during the transitional period, real estate and natural resources can be very wasteful if they fall into the hands of those who do not know how to use them properly,” said Dr. Phung. “But we are glad that today’s enterprises and those on the ranking list have put in a lot of effort to contribute significantly to the state budget.”
First, these enterprises are the pioneers in contributing to economic growth. Second, and more importantly, they know how to manage well. Whether in the fields of banking, real estate, or production, they are excellent managers.
Good management leads to good revenue, quality, and profitability. Moreover, many enterprises have contributed new thinking to the country in production, business, and consumption.
“For example, ten or twenty years ago, we didn’t have the concept of apartments; we only wanted separate houses. But now, we have civilization and courtesy, and with a new generation of entrepreneurs and people, with a new consumption mindset, it creates new social values. This is something we must acknowledge that the new generation of real estate entrepreneurs has brought us new activities,” the expert emphasized.
E-commerce has also given Vietnam new thinking styles, and through this, the government must also change to help enterprises develop better, benefit the people more, and benefit society and the country’s development.
Third, a question arises: why do enterprises in the distribution sector rank at the top? Finance, banking, and lottery are distribution sectors that contribute significantly and bring substantial income and assets.
Is there a paradox compared to the production sector? This is a question for economic experts to ponder and provide macro-level insights for future macroeconomic management.
“I hope that many opinions will be shared today, and personally, I highly appreciate Viettel Technology Corporation – truly a big brother. Although they are ranked third after Vingroup and PVN in the new list, I consider them a people’s company, born from and serving the people. They carefully manage every dong to make a significant contribution to the state budget. Notably, their budget contribution mainly comprises corporate income tax, mainly from state capital profits after paying corporate income tax like other enterprises, and a part of personal income tax from employees,” said Dr. Phung.
Mr. Pham Quang Minh, Director of CafeF, shared at the event that in 2024, the Vietnamese economy had made remarkable progress, with state budget revenue being a notable highlight.
According to the Ministry of Finance’s report, the total state budget revenue in 2024 exceeded 2 quadrillion VND, exceeding the estimate by 20% and increasing by 16% compared to 2023. These figures reflect the strong and sustainable recovery of the economy while affirming the critical role of the business community, especially those in the PRIVATE 100 and VNTAX 200 lists, the only honor roll that comprehensively reflects enterprises’ contributions across all economic sectors to the state budget.
Mr. Pham Quang Minh, Director of CafeF, speaking at the Awards Ceremony
The enterprises with the largest budget contributions in the VNTAX 200 list paid nearly 800,000 billion VND in 2024 – an increase of over 110,000 billion VND from the previous year and equivalent to 40% of the country’s total budget revenue. The private sector also recorded impressive growth, with enterprises in the PRIVATE 100 list contributing nearly 245,000 billion VND to the state budget, with four units paying over 10,000 billion VND.
These contributions are not just important financial resources that support investments in infrastructure, education, healthcare, and social welfare but also the main drivers of state budget revenue growth in 2024, affirming the position of Vietnamese enterprises in the journey of economic development, digital transformation, and international integration.
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