On Sept. 3, CafeF officially released its 2026 STATE 100 ranking, recognizing Vietnam’s 100 largest state-owned contributors to the state budget based on amounts actually paid during the 2025 financial year. STATE 100 is a new ranking added to CafeF’s VNTAX system in 2026.

According to the 2026 STATE 100 data, the country’s 100 largest state-owned budget contributors paid a combined $16.1 billion, after eliminating contributions counted twice between parent companies and subsidiaries. The figure was equivalent to around 16% of total state budget revenue.

The contributions were not concentrated solely among a handful of companies at the top. Of the 100 enterprises in the ranking, 71 paid more than $37.8 million each, including 14 that contributed over $378 million. Even the company ranked 100th paid around $17.7 million.

Compared with the PRIVATE 100 ranking, companies at the top of STATE 100 are more heavily concentrated in capital-intensive sectors that play essential roles in the economy, including oil and gas, electricity, coal and minerals, petroleum distribution and telecommunications. These sectors are directly linked to energy supplies, infrastructure and other critical inputs for production, the circulation of goods and broader socioeconomic activity.

Beyond their direct contributions to the state budget, the scale of operations of the groups and corporations in STATE 100 is therefore also associated with the management of resources and systems that have far-reaching impacts across many other sectors of the economy.

Six of the top 10 positions in STATE 100 are held by companies in the energy and natural resources sectors.

Leading the ranking is Vietnam National Industry-Energy Group, or PetroVietnam, with budget contributions of about $3.44 billion. Petrolimex is also among the leaders, while two other top-10 positions are held by PetroVietnam subsidiaries: PetroVietnam Exploration Production Corporation (PVEP) and Binh Son Refining and Petrochemical (BSR).

Other energy and natural resources companies in the group include Vietnam National Coal and Mineral Industries Group (Vinacomin) and Vietnam Electricity (EVN).

Telecommunications has one representative in the top 10: Viettel, which ranks second overall with budget contributions of more than $1.6 billion. Two banks also make the top 10, with Vietcombank and BIDV contributing about $472 million and $430 million, respectively.

Many state-owned groups and corporations operate under parent-subsidiary structures. Within the same corporate system, some subsidiaries directly manage major business operations and incur substantial tax and other budget obligations.

STATE 100 therefore ranks both parent companies and subsidiaries with significant contributions based on the amount actually paid by each individual legal entity. This methodology is designed to reflect the contributions made by major companies within the same corporate system.

Of the 100 companies in the 2026 STATE 100 ranking, 31 subsidiaries are ranked separately, with combined actual contributions of about $3.49 billion. When calculating the overall contribution of the STATE 100, amounts already reflected in the parent company’s payments are not added a second time.

Viewed by parent-subsidiary systems, PetroVietnam has the largest representation in STATE 100, with 11 companies. Its member companies operate across oil and gas exploration and production, refining and petrochemicals, gas, petroleum distribution, technical services, electricity, transportation and chemicals.

EVN follows with eight companies. Viettel and Vinacomin each have four companies on the list, while the Petrolimex system has three. Several other groups have both a parent company and one subsidiary ranked separately, including BIDV and MB, HFIC, VNEX, Vinachem and Bao Viet Group.

By contribution size, oil, gas and petroleum distribution form the largest sector, paying around $4.7 billion, equivalent to 29% of the ranking’s total. The sector also has a strong presence among the leading companies, including PetroVietnam, Petrolimex and businesses operating throughout the oil and gas, refining, petrochemical and petroleum distribution chains.

Lottery companies contributed nearly $2.26 billion, accounting for 14% of the total. Technology, telecommunications and media companies and banks made broadly similar contributions of around $2.03 billion and $1.96 billion, respectively, representing 13% and 12% of the total.

Major companies in the technology and telecommunications group include Viettel, VNPT, FPT Telecom and MobiFone, while the banking group includes Vietcombank, BIDV, VietinBank, MB and Agribank.

STATE 100 was created to provide a broader picture of Vietnam’s state-owned enterprise sector, which includes many large groups and corporations operating in strategically important areas of the economy.

VNTAX currently comprises three main rankings: VNTAX 200, covering the 200 largest contributors to the state budget; PRIVATE 100, ranking the 100 largest private-sector contributors; and STATE 100, covering the 100 largest state-owned contributors. It also includes a range of sector-specific rankings for industries such as real estate, securities, banking and retail. The VNTAX rankings released in 2026 are based on amounts actually paid during the 2025 financial year.

Thai Khang