On September 7, 2026, CafeF officially released the VNTAX 200 list for 2026, honoring the 200 largest tax-paying enterprises in Vietnam based on actual contributions made in 2025. 

Top 200 enterprises with VND1 quadrillion

According to published reports, total state budget contributions in 2025 by the 200 enterprises on the list reached VND989,300 billion, an increase of VND195,300 billion (25 percent rise) compared to the VND794,000 billion in the previous ranking period.

With Vietnam's total state budget revenue of VND2.65 quadrillion in 2025, this group of 200 elite enterprises contributed over 37 percent of total nationwide collections.

The list comprises 99 private enterprises, 73 state-owned enterprises (SOEs), and 28 FDI/joint-venture entities.

Although not representing the majority by headcount, SOEs maintained a dominant role in value, contributing over VND424,000 billion (accounting for 43 percent of the total ranking value).

Following closely behind, the private sector posted total contributions exceeding VND390,000 billion (39 percent).

Abundant budget revenues from these enterprises create vital fiscal space for the Government to accelerate investment in strategic infrastructure projects, strengthen social security systems, and expand healthcare and education, delivering direct and widespread benefits to millions of citizens.

Pillars of the national budget

The ranking's weight concentrates heavily on its core nucleus: the Top 20 leading enterprises contributed up to VND614,000 billion, representing nearly 62 percent of total contributions across the VNTAX 200 list. This highlights the pivotal role of key corporate giants in generating national budget resources.

Driven by a surge in budget contributions from VND56,200 billion to nearly VND148,800 billion, Vingroup emerged as Vietnam's largest single taxpayer for the first time.

Beside Vingroup, five other private sector representatives joined the Top 20: Sunshine Group, NH Smart City (a member of BRG Group), Hoa Phat, Thanh Cong, and THACO.

Ranking second overall and leading the state-owned sector was Vietnam National Energy and Industry Group (PetroVietnam/PVN) with contributions reaching VND91,000 billion, up VND13,600 billion from the prior year.

Six other SOEs made the Top 20, including Viettel, Petrolimex, Vinacomin, Vinataba, EVN, and Vietcombank.

Leading foreign-invested enterprises was Heineken Vietnam with contributions of approximately VND27,000 billion, alongside notable names such as Toyota, Honda, Vietsovpetro, Nghi Son Refinery and Petrochemical, Sabeco, and Ciputra Hanoi.

In total, 26 enterprises contributed over VND10,000 billion, an increase of nine entities compared to last year's list. Beyond Top 20 firms, six additional enterprises joined the VND10,000+ billion bracket: BIDV, Ford, FPT, Techcombank, VietinBank, and MB.

Three key sectors: real estate, energy, and finance

Propelled by sharp revenue growth from Vingroup, Sunshine Group, and NH Smart City, each contributing tens of trillions of VND, the real estate and construction sector became VNTAX 200's largest contributing category with total contributions exceeding VND234,000 billion, accounting for nearly 24 percent.

Other real estate developers, including Nam Long Group, Tan A Dai Thanh (MEYLAND), Van Phu, and Kinh Bac City, actively deploying projects, also contributed significantly to state coffers while directly stimulating value-chain sectors such as cement, steel, and interior furnishings, creating hundreds of thousands of jobs.

Steel and building materials firms, led by representatives like Hoa Phat and Hoa Sen Group, contributed nearly VND20,000 billion.

The energy and natural resources sector, covering oil and gas, petroleum retail, power, and coal/minerals, ranked as the second largest category with total contributions surpassing VND220,000 billion, representing 22.3 percent.

While this sector contains fewer firms, each entity posted substantial contributions, including PVN, Vinacomin, EVN, Vietsovpetro, and Nghi Son Refinery.

The financial sector gathered 40 enterprises with total contributions around VND139,000 billion. Major contributions came from 23 banks with total payments of VND104,600 billion, including five institutions exceeding VND10,000 billion: Vietcombank, BIDV, VietinBank, Techcombank, and MB.

Automotive ranked as the fourth largest contributing sector on the VNTAX 200 list at nearly VND94,000 billion. Alongside major assemblers like THACO and TC Group, leading automotive retail distributors such as TASCO and VIMID contributed increasingly larger shares to state revenue.

In fifth place was Technology and Telecommunications with total contributions reaching VND65,000 billion, represented by prominent firms Viettel, VNPT, FPT, and VNG Group.

Beyond these major sectors, the VNTAX 200 list highlighted key players across various vital economic domains, including Vinamilk, Masan Group, NutiFood, Lof International Dairy, and Golden Gate in food and beverage; Vietjet and Gemadept in aviation and logistics; Stavian Chemical in plastics and chemicals; MWG (Dien May Xanh, Bach Hoa Xanh), PNJ, DOJI, and FPT Retail in retail; and PC1 Group in construction and energy.

Thai Khang