Manufacturing firms dominate Vietnam’s 1,000 largest corporate taxpayers

Friday, 2018-08-03 17:35:12
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The ceremony to announce Vietnam's 1,000 largest corporate taxpayers in 2017 (Image: VGP)
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NDO - The Vietnamese tax authority has released the list of the 1,000 largest corporate taxpayers in 2017, which is dominated by companies in the manufacturing sector.

The tax revenues contributed by manufacturing accounted for 36.7% of the more than VND110 trillion (US$4.73 billion) paid by the 1,000 top taxpayers, the General Department of Taxation (GDT) said on August 3.

Financial and insurance firms made up the second largest group of corporate taxpayers at 14.8%, followed by a 9.3% contribution from information and communications technology companies.

According to the GDT, the taxes paid by these 1,000 companies accounted for 62.59% of Vietnam’s total corporate income tax in 2017, a rise of 8.45% from a year earlier.

703 companies on the 2017 list appeared in the 2016 list, while the remainder were debutants on the top 1,000.

A breakdown of where the firms are based shows that Hanoi and Ho Chi Minh City were the largest corporate taxpayers in terms of both number and value, accounting for 36% and 32.5% of the 1,000 companies’ total contribution, respectively.

The 2017 list saw the presence of 117 state-owned enterprises which contributed 27.7% of the total taxes paid by all companies in Vietnam.

GDT Director Bui Van Nam stated that the release of the list aims to honour the companies which have made significant contributions to the state budget and provide the government with another tool to assess the performance of enterprises.