Samsung, Intel absent as Vietnam’s top 200 taxpayers contribute $38 billion to state budget

Data from VNTAX 2026 shows that Vietnam’s 200 largest corporate contributors to the state budget paid a combined VND989.3 trillion ($38 billion) in 2025, up VND195.3 trillion ($7.52 billion), or 25 percent, from the previous ranking.

The amount was equivalent to more than 37 percent of Vietnam’s total state budget revenue of around VND2.65 quadrillion ($102.1 billion) in 2025.

Tax contributions were highly concentrated among the biggest companies, with the top 20 alone contributing VND614 trillion ($23.65 billion), or nearly 62 percent of the VNTAX 200 total.

In the private sector, major contributors included Vingroup, Sunshine Group, NH Smart City under BRG Group, Hoa Phat, Thanh Cong, and THACO.

Vingroup stood out, with its contribution to the state budget rising from VND56.2 trillion ($2.16 billion) to nearly VND148.8 trillion ($5.73 billion).

State-owned enterprises on the list included PetroVietnam, Viettel, Petrolimex, Vinacomin, Vinataba, EVN, and Vietcombank.

PetroVietnam contributed around VND91 trillion ($3.5 billion), while Viettel paid more than VND42.29 trillion ($1.63 billion).

Foreign-invested and joint-venture companies included Heineken Vietnam, Toyota, Honda, Vietsovpetro, Nghi Son Refinery and Petrochemical, Sabeco, and Ciputra Hanoi.

By sector, real estate and construction made the largest contribution, with more than VND234 trillion ($9.01 billion) in total payments, accounting for nearly 24 percent of the VNTAX 200 total.

Energy and natural resources, including oil and gas, petroleum, electricity, coal, and minerals, ranked second with more than VND220 trillion ($8.47 billion), or 22.3 percent.

The financial sector had 40 companies on the list, contributing around VND139 trillion ($5.35 billion) in total. Of that, 23 banks alone contributed a combined VND104.6 trillion ($4.03 billion).

Dau Anh Tuan, deputy secretary-general and head of the Legal Department at the Vietnam Chamber of Commerce and Industry (VCCI), said budget revenue is heavily concentrated among a small group of companies, warning that difficulties at the top 20 contributors could weigh on overall collections.

Another notable point is the gap between the FDI sector’s contribution to Vietnam’s exports and its contribution to the state budget.

Although foreign-invested companies accounted for more than 80 percent of Vietnam’s export turnover in the first eight months of 2026, they made up only around 18 percent of total budget contributions by the top 200 companies.

Major exporters such as Samsung, Canon, and Intel were absent from the list.

Part of the reason may lie in the FDI sector’s processing and assembly model, which leaves relatively little value added in Vietnam, as well as tax incentives.

The implementation of the 15-percent global minimum tax and the Politburo’s Resolution 10 on foreign investment is expected to bring notable changes in the coming period.