Recognizing the important role of the private sector in the economy, CafeF has created PRIVATE 100 – a list of the top private enterprises contributing to Vietnam’s state budget, with a minimum contribution of 100 billion VND. The list, based on actual contributions during the 2023 fiscal year, will be released for the first time in August 2024.
As expected, the top spots on the PRIVATE 100 are occupied by businesses owned and operated by billionaires, as ranked by Forbes.
According to statistics, in 2023, the enterprises of Vietnam’s six billionaires, including Mr. Pham Nhat Vuong (Vingroup), Ms. Nguyen Thi Phuong Thao (Vietjet Air & HDBank), Mr. Tran Dinh Long (Hoa Phat Group), Mr. Ho Hung Anh (Techcombank), Mr. Nguyen Dang Quang (Masan Group), and Mr. Tran Ba Duong & family (Thaco), contributed a total of 72.7 trillion VND to the state budget.
This figure only accounts for the disclosed contributions of the aforementioned enterprises. In reality, these billionaires own numerous other businesses whose budget contributions remain undisclosed, such as Sovico Group of billionaire Nguyen Thi Phuong Thao and Xanh SM Company of billionaire Pham Nhat Vuong.
The total budget contribution of nearly 73,000 billion VND by these enterprises is equivalent to the combined contributions of two out of the three largest state-owned corporations, namely Viettel and Petrolimex, which contributed a total of 71,200 billion VND in the previous year.
It is quite possible that in the next few years, the total budget contributions of these billionaires could approach that of the Vietnam Oil and Gas Group (PVN).
Vingroup
Vingroup, consistently among the enterprises with the largest market capitalization, contributed over 30.9 trillion VND to the state budget in 2023, topping the PRIVATE 100 list. The group’s largest contribution came from value-added tax, amounting to nearly 11 trillion VND, followed by corporate income tax of 6.9 trillion VND and land and land lease tax of 5 trillion VND.
In 2022, Vingroup contributed more than 44.9 trillion VND to the state budget, including over 31.5 trillion VND from land use, land lease, and construction-transfer contracts, mainly from two mega-urban projects in Hung Yen province developed by its subsidiary, Vinhomes.
Mr. Pham Nhat Vuong has been on the Forbes list since 2015 and is currently Vietnam’s richest person with a net worth of 4.2 billion USD.
Thaco
Ranking second on the list of private enterprises contributing to the state budget in 2023 is Thaco Group, owned by billionaire Tran Ba Duong. Thaco contributed a total of 21 trillion VND to the state budget, with nearly 16 trillion VND contributed in Quang Nam province alone, of which over 11.1 trillion VND was from domestic taxes. Thaco is a significant contributor, accounting for more than 60% of Quang Nam province’s total domestic revenue.
Mr. Tran Ba Duong & family were included in the Forbes list in 2018, and according to the real-time ranking, he currently holds a net worth of 1.2 billion USD, placing him fifth in Vietnam.
Hoa Phat Group
In 2023, Hoa Phat Group contributed nearly 9.1 trillion VND to the state budget, ranking third on the list. The group also disclosed that its budget contribution for the first half of 2024 had already reached 7.4 trillion VND.
Hoa Phat Group operates and contributes to the state budget in 25 provinces and cities across Vietnam. Its subsidiaries with the highest budget contributions include Hoa Phat Dung Quat Steel, Hoa Phat Hai Duong Steel, Hoa Phat Pipe, Hoa Phat Hung Yen Steel, and Hoa Phat Home Appliances.
Mr. Tran Dinh Long, with a net worth of 2.4 billion USD, is currently the third richest person in Vietnam.
Techcombank
Techcombank contributed over 7.9 trillion VND to the state budget in 2023, marking the highest contribution since 2019 and a 63.6% increase compared to 2022 (4.8 trillion VND). The majority of this contribution came from corporate income tax, amounting to over 5 trillion VND.
Techcombank leads among private banks and ranks fourth among all private enterprises in terms of state budget contributions for 2023.
Techcombank is one of the largest joint-stock commercial banks in Vietnam. Its chairman, Mr. Ho Hung Anh, is currently fourth on the list of Vietnamese billionaires, with a net worth of 1.7 billion USD.
Masan Group
Masan Group, chaired by Mr. Nguyen Dang Quang, contributed over 4.4 trillion VND to the state budget in 2023, ranking ninth on the list. The largest contribution came from value-added tax, amounting to over 1.7 trillion VND. In the three preceding years, the group’s budget contributions ranged from 4.8 to 5.4 trillion VND.
Mr. Nguyen Dang Quang, with a net worth of 1.1 billion USD, is currently sixth on the Forbes list of Vietnamese billionaires. In addition to his role at Masan, he also serves as Vice Chairman of Techcombank’s Board of Directors.
Vietjet Air & HDBank
Under the leadership of Vietnam’s richest self-made woman, Ms. Nguyen Thi Phuong Thao, HDBank contributed nearly 3 trillion VND to the state budget in 2023, ranking 13th on the PRIVATE 100 list, while Vietjet Air contributed nearly 800 billion VND, ranking 40th.
Compared to 2022, Vietjet Air’s budget contribution increased by 21.6% (657 billion VND in 2021). Prior to the COVID-19 pandemic, in 2019, the airline contributed over 1.5 trillion VND to the state budget.
Due to the nature of the aviation industry, Vietjet Air also collects various taxes and fees on behalf of the government, such as airport fees, security screening fees, and environmental taxes related to fuel, among others. In 2023, Vietjet Air’s total direct and indirect contributions to the state budget amounted to approximately 5.2 trillion VND.
HDBank’s budget contribution for 2023 increased by 58.3% compared to the previous year (nearly 1.9 trillion VND). The majority of its contribution consisted of corporate income tax, amounting to over 2.2 trillion VND, followed by personal income tax of 445 billion VND and value-added tax of 214 billion VND.
In addition to her roles as Chairman of Vietjet Air and Vice Chairman of HDBank, Ms. Nguyen Thi Phuong Thao also leads other enterprises such as Sovico and Huong Duong Sunny. With a net worth of 2.9 billion USD, she is currently the second richest person in Vietnam.
PRIVATE 100 – Top Enterprises Contributing to the State Budget is a list compiled by CafeF based on publicly available information or verifiable data. It reflects the actual budget contributions of enterprises, including taxes, fees, and other mandatory payments. Enterprises with budget contributions of at least 100 billion VND in the latest fiscal year are eligible for inclusion in the list. Some notable enterprises in the 2024 list, based on their 2023 fiscal year contributions, include ACB, HDBank, Masan Group, OCB, PNJ, SHB, SSI, Techcombank, TPBank, Hoa Phat Group, VNG, VPBank, VIB, VietBank, and VPS (listed in alphabetical order).
Is Being a Billionaire Pham Nhat Vuong Really Fun?: From Brick Collector as a Child to Still Dealing with the Rules as an Adult, It’s All About Climbing Up or Falling Down
“If I do well, I will create an incredible playground. If not, please stay away and let others take over. It’s been a roller coaster ride for me, going up and down several times. If I succeed, I’ll get promoted, if not, I’ll step down,” Mr. Pham Nhat Vuong candidly shared.
