Foreign direct investment (FDI) companies, which lead Vietnam's exports, have shown a relatively low contribution to tax revenues. From January to August this year, FDI firms accounted for over 80% of Vietnam's total export value, yet only 28 of them made it to the list of the top 200 tax contributors. Major exporters like Samsung, Canon, and Intel were not included in this list.
According to VNTAX 2026 data reported by local media Tuoi Tre on September 15, the total tax payments from the top 200 companies in Vietnam reached 989.3 trillion dong (approximately $52.2 billion), marking a 25% increase from the previous ranking. Considering that Vietnam's national budget revenue forecast for 2025 is about 2,650 trillion dong (approximately $139.9 billion), these companies contributed over 37% of the total.
Tax revenues are concentrated among the largest companies. The top 20 companies alone contributed 614 trillion dong, accounting for about 62% of the total tax revenue from the top 200 firms. In the private sector, companies like Vingroup, Sunshine Group, BRG Group's NH Smart City, Hoa Phat, Tan Cong, and Taco ranked among the top contributors. Vingroup's contribution to the national budget increased from 56.2 trillion dong to approximately 148.8 trillion dong.
Among state-owned enterprises, PetroVietnam, Viettel, Petrolimex, Vinacomin, Vinataba, Vietnam Electricity (EVN), and Vietcombank were listed. PetroVietnam paid about 91 trillion dong, while Viettel contributed over 42.29 trillion dong.
In the FDI and joint venture sector, Heineken Vietnam, Toyota, Honda, Vietsob Petro, Nghi Son Refinery & Petrochemical Complex, Sabeco, and Ciputra Hanoi were among the top contributors. However, FDI companies accounted for only about 18% of the total tax revenue from the top 200 firms.
The disparity between export contributions and tax contributions is notable. While FDI companies represented over 80% of Vietnam's total exports from January to August, their contribution to the tax revenue of the top 200 companies was only about 18%. Major exporters like Samsung, Canon, and Intel were also absent from the list of top tax contributors.
Dao Anh Tuan, Deputy Secretary-General of the Vietnam Chamber of Commerce and Industry (VCCI), suggested that this discrepancy may stem from a business structure focused on processing and assembly, low domestic value-added, and tax incentives. He noted, "The application of a global minimum tax of 15% and the Vietnamese Communist Party's reform of foreign investment policies could bring significant changes in the future."
Tuan expressed concern over the concentration of tax revenues among a few large companies. He pointed out that if the financial situation of the top 20 companies deteriorates, it could impact the overall national budget revenue. He emphasized the need to broaden the tax base while relying on large tax-paying companies to secure sustainable tax revenues. There is a need to support the growth of more companies that can contribute 10 trillion or 100 trillion dong in taxes.
Improving the tax burden on companies and administrative procedures was also highlighted as a key issue. Tuan stated, "Tax policies should align with the operational conditions of businesses and maintain competitiveness compared to neighboring countries, and tax reporting procedures reform is crucial."
Additionally, the stability and predictability of the tax system were identified as major challenges. He explained, "Companies are concerned about the possibility of having to pay additional taxes in the future or difficulties in the tax refund process," calling it a long-term issue that needs to be addressed.
* This article has been translated by AI.
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