HCMC – Vietnam Report Co. and the online newspaper VietnamNet have announced the 1,000 largest corporate income tax payers in the country in the V1000 list.
The rankings, announced for the first time in Vietnam, aim to identify enterprises for outstanding business performance and significant contributions to the country’s tax revenue for three consecutive years.
Data used to do the rankings was collected from business results and individual data by Vietnam Report, and Taxation magazine of the General Department of Taxation along with domestic and foreign consultants.
State-owned groups and corporations, especially in the telecom sector, remained the biggest tax contributors with MobiFone and Viettel coming first and second respectively in the list, followed by those in the construction-building materials, real estate and banking industries.
The private sector made a significant improvement in the overall ranking as the number of private firms on the list is equivalent to that in the State-run and foreign-invested sectors.
The ranking also shows enterprises in Hanoi and HCMC still took the lead in terms of ranking and quantity that make up 22.5% and 37.6%. Major taxpayers in the southern provinces of Dong Nai and Binh Duong account for 7.8% and 6.8% respectively.
According to Vietnam Report, the local economy is still dominated by a few large corporations. The top 200 enterprises contribute up to 80% of taxes collected from the 1,000 firms.
Meanwhile, other State-owned conglomerates such as Vietnam Post and Telecommunications Group and Vinashin are not on the V1000 list due to their tax payments of below VND9 billion or tax arrears. The rankings are based on the total corporate income tax paid between 2007 and 2009.
Top 10 corporate income tax contributors
No Company name
1. Vietnam Mobile Telecom Services Company (MobiFone)
2. Viettel Corporation (Viettel)
3. PetroVietnam Gas Corporation (PVG)
4. Bank for Foreign Trade of Vietnam (Vietcombank)
5. Vietnam Oil and Gas Group (PetroVietnam)
6. Vietnam National Coal and Mineral Industries Group (Vinacomin)
7. Vietnam Bank for Agriculture and Rural Development (Agribank)
8. Vietnam Bank for Industry and Trade (VietinBank)
9. Prudential Vietnam
10. Phu My Hung Corporation
