On Sept. 7, 2026, CafeF officially released its 2026 VNTAX 200 list, honoring Vietnam’s 200 largest contributors to the state budget based on the amounts companies actually paid in 2025. This marks the third consecutive year the list has been published.

Top 200 companies contribute nearly $37.6 billion

According to the results, the 200 companies on the list paid a combined VND989.3 trillion ($37.6 billion) into the state budget in 2025, up VND195.3 trillion ($7.42 billion), or 25%, from VND794 trillion ($30.2 billion) in the previous ranking.

With Vietnam’s total state budget revenue reaching VND2.65 quadrillion ($100.8 billion) in 2025, these 200 leading companies accounted for more than 37% of the country’s total revenue.

By ownership structure, the list comprises 99 private companies, 73 state-owned enterprises and 28 foreign-invested or joint-venture companies.

Although state-owned enterprises do not represent the largest group by number, they remain the biggest contributors by value, paying more than VND424 trillion ($16.1 billion), or 43% of the total represented in the ranking.

Private companies followed closely, with combined contributions of more than VND390 trillion ($14.8 billion), accounting for 39%.

The remarkable rise of leading private conglomerates, combined with the large and stable revenue generated by state-owned and foreign-invested enterprises, is creating a strong financial foundation and providing important momentum for Vietnam as it pursues double-digit economic growth in a new era.

The substantial budget revenue generated by these companies also provides important fiscal space for the Government to accelerate investment in strategic infrastructure projects and strengthen social welfare, healthcare and education systems, bringing tangible benefits directly to millions of people.

Which companies are pillars of Vietnam’s state budget?

The ranking is heavily concentrated among a core group of companies. The top 20 contributed VND614 trillion ($23.3 billion), equivalent to nearly 62% of the total payments made by all companies in the VNTAX 200, underscoring the outsized role of these major businesses in generating resources for the national budget.

With its budget contribution surging from VND56.2 trillion ($2.14 billion) to nearly VND148.8 trillion ($5.66 billion), Vingroup became Vietnam’s largest contributor to the state budget for the first time.

Alongside Vingroup, five other private-sector companies made the top 20: Sunshine Group, NH Smart City, a member of BRG Group, Hoa Phat, Thanh Cong and THACO.

Ranking second overall and first among state-owned enterprises was Vietnam National Industry-Energy Group (PetroVietnam/PVN), with payments of VND91 trillion ($3.46 billion), up VND13.6 trillion ($517 million) from the previous year.

Six other state-owned enterprises featured in the top 20: Viettel, Petrolimex, Vinacomin, Vinataba, EVN and Vietcombank.

Heineken Vietnam led the foreign-invested business group, which includes companies with foreign parent companies and joint ventures in which foreign investors hold a majority stake, with payments of around VND27 trillion ($1.03 billion). Other prominent names included Toyota, Honda, Vietsovpetro, Nghi Son Refinery and Petrochemical, Sabeco and Ciputra Hanoi.

A total of 26 companies paid more than VND10 trillion ($380 million) each, nine more than in the previous year’s ranking. In addition to companies in the top 20, six others crossed the VND10 trillion threshold: BIDV, Ford, FPT, Techcombank, VietinBank and MB.

Real estate, energy and finance emerge as three key sectors

Driven by sharply higher contributions from Vingroup, Sunshine Group and NH Smart City, each paying tens of trillions of dong or more, real estate and construction became the largest sector in the VNTAX 200, contributing more than VND234 trillion ($8.9 billion), or nearly 24% of the total.

Other property companies, including Nam Long Group, Tan A Dai Thanh (MEYLAND), Van Phu and Kinh Bac City, with numerous projects under development, also contributed significantly to increasing state revenue while directly supporting related industries across the value chain, including cement, steel and furniture, and creating hundreds of thousands of new jobs.

Steel and construction materials companies, represented by major names such as Hoa Phat and Hoa Sen Group, contributed nearly VND20 trillion ($760 million).

Energy and natural resources, including oil and gas, petroleum, electricity, coal and minerals, ranked as the second-largest sector, contributing more than VND220 trillion ($8.36 billion), or 22.3% of the total.

The sector includes relatively few companies, but each makes substantial budget contributions, including PVN, Vinacomin, EVN, Vietsovpetro and Nghi Son Refinery and Petrochemical.

The financial sector comprised 40 companies with combined contributions of around VND139 trillion ($5.28 billion). The largest share came from 23 banks, which together paid VND104.6 trillion ($3.98 billion). Five banks contributed more than VND10 trillion each: Vietcombank, BIDV, VietinBank, Techcombank and MB.

Many other banks have also consistently maintained high annual contributions to the state budget, including ACB, Sacombank, HDBank, SHB, LPBank, TPBank, VIB and OCB.

Beyond banking, securities companies, including prominent names such as VPS and KIS, insurers such as Bao Viet and Prudential, and financial services providers such as F88 are also making increasingly significant contributions as their operations expand.

The automotive sector ranked fourth in the VNTAX 200 by total budget contributions, at nearly VND94 trillion ($3.57 billion). Alongside major vehicle assemblers such as THACO and TC Group, leading automotive retailers and distributors including TASCO and VIMID are making increasingly significant contributions to state revenue.

Technology and telecommunications ranked fifth, with combined payments of VND65 trillion ($2.47 billion). Prominent contributors included Viettel, VNPT, FPT and VNG Group.

Beyond these major sectors, the VNTAX 200 also includes companies from most of the economy’s other important industries: Vinamilk, Masan Group, Nutifood, LOF International Dairy and Golden Gate in food and beverages; Vietjet and Gemadept in aviation and logistics; Stavian Chemical in chemicals and plastics; MWG, including Dien May Xanh and Bach Hoa Xanh, along with PNJ, DOJI and FPT Retail in retail; and PC1 Group in construction and energy.

Thai Khang