The leading 1,000 enterprises of tax contribution in Vietnam or V1000 paid a combined 82.34 trillion dong ($3.7 billion) worth of corporate income tax in 2014, up 2.34% from a year earlier and accounting for 10% of state budget revenues that year, Hanoi-based Vietnam Report JSC said in a report released on October 14.
The number of foreign-invested enterprises (FIEs) was 460, but their tax contribution made up just 37% of the total tax amount paid by V1000 companies. Meanwhile, 311 firms belong to the private-run sector and their tax contribution accounted for 18% of the total.
“This is a paradox when FIEs are gaining an increasing weight in the Vietnamese economy while private businesses are considered a key economic sector,” the report says.
As many as 229 state-owned enterprises on the list and contributed some 45% of the tax sum paid by V1000 companies. The rate, however, dropped from 65.6% in the V1000 ranking in 2014.
The military-run Viettel Group, the largest mobile network carrier in Vietnam, was on the top for a second straight year. The group booked a pretax profit of 42 trillion dong in 2014, up 15% year-on-year, while its revenue rose 20% to 197 trillion dong.
The next nine positions are occupied by PetroVietnam Gas Corporation, MobiFone Corporation, Vietnam National Oil and Gas Group, VietinBank, Honda Vietnam Co., Vinamilk, Samsung Electronics Vietnam, Unilever Vietnam International Co., and Vietcombank.
The report notes that companies in the telecom-informatics-information technology sector paid the largest tax amount corresponding to 2014. The runners-up were firms belonging to the financial, mining and petroleum, food and beverage, and electricity sectors.