Vietnam’s 1,000 biggest tax payers announced
Updated : Sunday, August 05, 2018 10:17 AM (GMT+0700)

The1,000 biggest tax payers in Vietnam in 2017 contributed more than 110 trillionVND (4.72 billion USD) to the State budget, increasing 8.45 percent from theprevious year, and accounting for 63 percent of total tax contributions.

 
The top tax payers of Vietnam were honoured on August 3 - Photo: VNA

The information was releasedby Nguyen Dai Tri, Deputy General Director of the General Department ofTaxation under the Ministry of Finance, at the ceremony to announce the list ofthe 1,000 biggest tax payers in Vietnam held in Hanoi on August 3.

Tri said this was the secondyear that the ranking had been announced. The list this year includes 703 firmsfrom the rankings of 2016, and 297 new companies. 

The processing andmanufacturing sector continued to top the list of biggest tax payers,accounting for 36 percent of total tax payment among the 1,000 companies. Itwas followed by the finance, banking and insurance industry with 14.8 percent;and telecommunications with 9.3 percent.

The capital city of Hanoiand the southern largest economic hub of Ho Chi Minh City continued to take thelead in terms of the number of businesses and tax contribution in the ranking,with 36 percent and 32.5 percent respectively. Southern Dong Nai and Binh Duongprovinces, with high numbers of enterprises each, followed with 5.8 percent and4.4 percent respectively.

The ranking this yearincluded 117 State-owned enterprises, contributing 27.7 percent of the totaltax payment.

Notably, the private sectormade up 45.8 percent of the total number of businesses on the list with 458firms, and contributing 34.1 percent of the total tax payment. Thisdemonstrates that private companies have performed their key role in theeconomy.

Foreign direct investment(FDI) companies accounted for 40.4 percent in term of number of businesses,with 404, and contributing 36.7 percent on the list.

Bui Van Nam, GeneralDirector of the General Department of Taxation, said the department had takendrastic measures to facilitate businesses’ operation, thus improving theeconomy’s competitiveness in recent years. The reduction of administrativeprocedures had received a positive response from the business community,society and international organisations.

Nam said corporateincome tax had been an important part of the tax policy system as it accountedfor a big portion of total State budget collection.  

The ranking aims to honourbusinesses which have striven to overcome difficulties, developing theirproduction and contributing to the State budget.

The information of the top1,000 biggest tax payers has also helped the Government review businesses’operation, thus developing more effective tax policies.

Vu Tien Loc, Chairman ofVietnam Chamber of Commerce and Industry (VCCI), said last year, there were26,000 newly established firms. However, around 60,000 companies closed down sofar this year.

This had shown that theeconomy faces difficulties. This was also a reason to honour businesses whichhad made a profit and contributed to the State budget, Loc said.

“Vietnam had more than250,000 out of 600,000 businesses paying corporate income tax in 2017. The top1,000 biggest taxpayers contributed 63 percent of the total. This is ameaningful figure”, he added.

The top 10 biggest taxpayers are Viettel Group; Honda Vietnam; PetroVietnam Gas JSC (PV Gas), VietnamDairy Products Joint Stock Company (Vinamilk); Heineken Vietnam Brewery LimitedCompany; Samsung Electronics Vietnam; Joint Stock Commercial Bank for ForeignTrade of Vietnam (Vietcombank); Vietnam Joint Stock Commercial Bank forIndustry and Trade (Vietinbank), the Bank for Investment and Development ofVietnam (BIDV) and Siam City Cement Vietnam Company Limited.

Source:VNA

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