SOEs remain biggest tax payers in 2016: rankings

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Vietnam National Oil and Gas Group (PetroVietnam) leads the V1000 list in 2016.

The V1000 rankings were announced on October 13 by the Vietnam Report Joint Stock Company, VietNamNet online newspaper, and the Taxation magazine of the General Department of Taxation.

SOEs’ tax contribution rises significantly this year, compared to 45 percent in 2015. Meanwhile, private businesses pay 27 percent of the total value, a slight increase.

This year’s top 1,000 companies paid more than 90 trillion VND (3.6 billion USD) in tax to the State budget, up 11.87 percent from 2015. The sum accounts for 10.41 percent of the total State budget revenue last year.

The top 100 firms alone contribute almost 75 percent of the corporate income tax value in the rankings.

Vietnam National Oil and Gas Group (PetroVietnam) leads the V1000 list, followed by military-run telecom group Viettel and PetroVietnam Gas Joint Stock Corporation.

Honda Vietnam Co. Ltd ranks fourth while Vietnam Dairy Products Joint Stock Company (Vinamilk) is placed in the fifth position.

Other firms in the top 10 are Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), MobiFone Telecommunications Corporation, and PetroVietnam Exploration-Production Corporation.

While 30 percent of the tax value is paid by mining and petroleum companies, those in the telecom, computer and IT industries contribute 15 percent, and finance-related firms 11 percent.

Although construction, building material and real estate sectors have the biggest number of firms in the list, they contribute only 8 percent of the tax payment.

The implementation of Law on export and import: detailed tax exemption regulations on imported goods for processing and processing goods for export VCN-The Requirements and basis for determining tax exemption of processed goods and goods for export are specified ...

The V1000 list, the seventh of its kind so far, was based on data collected and verified independently by the compilers, businesses’ feedback, and the analysis of the firm’s prestige on media.