SOEs remain biggest tax payers in 2016: rankings

State-owned enterprises (SOEs) remain the biggest tax payers in Vietnam as they make up nearly 60 percent of the total value of corporate income tax paid by the top 1,000 enterprises of tax contribution (V1000) in 2016. 
tin nhap 20161013171228 Ha Noi publicized businesses have over 150 billion vnd tax debt
tin nhap 20161013171228 Hanoi completely revised 475 administrative procedures
tin nhap 20161013171228 Telecommunication promotional goods and services will have 0% tax rate
tin nhap 20161013171228
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.

tin nhap 20161013171228 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.

Source: Vietnamnet

Related News

Stimulate production and business, submit to the National Assembly to continue reducing 2% VAT

Stimulate production and business, submit to the National Assembly to continue reducing 2% VAT

VCN - Reducing value added tax (VAT) has an impact on the decrease of state budget revenue but also stimulates production and promotes business activities, thereby contributing to creating more revenue for the state budget.
Tay Ninh Tax Department fines two FDI companies for false tax declaration

Tay Ninh Tax Department fines two FDI companies for false tax declaration

VCN – Tay Ninh Tax Department has detected and fined two FDI enterprises for tax declaration.
US businesses increase shrimp imports ahead of tax hike

US businesses increase shrimp imports ahead of tax hike

VCN - Shrimp exports to many major markets have grown positively, especially the US market has many positive signals as businesses in this country are increasing imports ahead of tax hike information.
Launching virtual assistants to support taxpayers

Launching virtual assistants to support taxpayers

VCN – After completing the research and development of the artificial intelligence product “Virtual assistants to support taxpayers”, on November 21, Hanoi Tax Department was selected by the General Department of Taxation as the pilot unit to support taxpayers.

Latest News

M&A in Vietnamese non-life insurance sector sees strong development

M&A in Vietnamese non-life insurance sector sees strong development

While mergers and acquisitions in the Vietnamese life insurance sector have been relatively quiet, M&As in the non-life insurance sector have been quite strong, with the participation of both foreign and domestic investors.
More tax law reforms needed to address e-commerce challenges

More tax law reforms needed to address e-commerce challenges

The rapid growth of e-commerce has contributed significantly to Vietnam's economic development, but it also brought challenges, particularly in tax management.
Ho Chi Minh City achieves record state revenue of over VND500 trillion in 2024

Ho Chi Minh City achieves record state revenue of over VND500 trillion in 2024

VCN - For the first time in its history, Ho Chi Minh City’s budget revenue surpassed VND500 trillion in just 11 months of 2024.
Accelerating public investment in national key transportation projects

Accelerating public investment in national key transportation projects

VCN - According to the Ministry of Finance, the disbursement of funds for national key transportation projects in the first ten months of 2024 exceeded the average disbursement rate for other sectors. However, the pace has slowed in recent months.

More News

Disbursement of public investment from foreign loans reaches 39.06% of the plan

Disbursement of public investment from foreign loans reaches 39.06% of the plan

VCN - At a conference held on December 3, 2024, to discuss the disbursement progress of public investment from foreign loans in the final months of the year, the Department of Debt Management and External Finance reported that ministries and agencies had disbursed over VND3.285 trillion. Notably, six ministries proposed returning a total of VND2.0924 trillion from the 2024 allocated budget.
State capital management commission to be dissolved

State capital management commission to be dissolved

The Commission for Management of State Capital at Enterprises will cease its operations, following Resolution No 18 of the Central Party Committee.
There is still room for credit growth at the end of the year

There is still room for credit growth at the end of the year

VCN - To achieve the credit growth target of 15% for the whole year of 2024 as directed, the banking system will have to "pump" out nearly VND 670,000 billion of loans to the economy in the last 2 months of the year, so many solutions are needed to accelerate capital flow.
The importance of user-friendly tax platforms for online retailers

The importance of user-friendly tax platforms for online retailers

VCN - The e-portal for individual and business households engaging in e-commerce activities has been completed. Trial runs for its interface, operational solutions, and functionality have also been finalized, with plans to officially roll out the portal soon.
Nearly 30 trillion VND mobilised through G-bond auctions

Nearly 30 trillion VND mobilised through G-bond auctions

The Hanoi Stock Exchange successfully organised 17 Government bond auctions in November, raising 20.76 trillion VND (817.56 million USD) for the State Treasury.
Expecting cross-border M&A deals

Expecting cross-border M&A deals

VCN - In order for the Vietnamese mergers and acquisitions (M&A) market to grow stronger and become a destination for global capital flows, in the current context, the driving force of cross-border deals is still needed.
Credit growth target of 15% for 2024 within reach: SBV

Credit growth target of 15% for 2024 within reach: SBV

The banking system's credit growth had risen by 11.12% as of November 22 compared to the end of 2023, hence the 15% growth target for the whole year is reachable, according to the State Bank of Vietnam (SBV).
Multiple drivers propel positive growth in budget revenue

Multiple drivers propel positive growth in budget revenue

VCN - Dr. Bui Dang Dung, former Deputy Chair of the National Assembly’s Finance and Budget Committee, believes that the 2024 state budget revenue results are highly encouraging, reflecting the concerted efforts of the Government, relevant agencies, and the business community amid challenging economic conditions.
Drastic measures needed to accelerate disbursement of foreign-funded public investment

Drastic measures needed to accelerate disbursement of foreign-funded public investment

Drastic measures are needed to remove roadblocks and accelerate the disbursement of foreign-funded public investment in the remaining months of this year, as the disbursement rate remains far below the target of 95 per cent, according to the Ministry of Finance.
Read More

Your care

Latest Most read
M&A in Vietnamese non-life insurance sector sees strong development

M&A in Vietnamese non-life insurance sector sees strong development

While mergers and acquisitions in the Vietnamese life insurance sector have been relatively quiet, M&As in the non-life insurance sector have been quite strong, with the participation of both foreign and domestic investors.
More tax law reforms needed to address e-commerce challenges

More tax law reforms needed to address e-commerce challenges

The rapid growth of e-commerce has contributed significantly to Vietnam's economic development, but it also brought challenges, particularly in tax management.
Ho Chi Minh City achieves record state revenue of over VND500 trillion in 2024

Ho Chi Minh City achieves record state revenue of over VND500 trillion in 2024

For the first time in its history, Ho Chi Minh City’s budget revenue surpassed VND500 trillion in just 11 months of 2024.
Accelerating public investment in national key transportation projects

Accelerating public investment in national key transportation projects

According to Ministry of Finance, the disbursement of funds for national key transportation projects in the first ten months of 2024 exceeded the average disbursement rate for other sectors. However, the pace has slowed in recent months.
Disbursement of public investment from foreign loans reaches 39.06% of the plan

Disbursement of public investment from foreign loans reaches 39.06% of the plan

Regarding disbursement progress of public investment from foreign loans in the final months of 2024, Department of Debt Management and External Finance reported that ministries and agencies had disbursed over VND3.285 trillion
Mobile Version