The VNTAX 200 list for 2026 has been released, recognizing the 200 largest taxpayers in Vietnam based on the actual amount of taxes and other payments they made to the State budget in 2025, reported the Government News.
According to the rankings, the 200 companies contributed a combined VND989.3 trillion (over $38.12 billion) to the State budget in 2025, an increase of 25% from VND794 trillion ($30.6 billion) in the previous ranking. Against the backdrop of total State budget revenue reaching VND2.65 quadrillion (over $102.2 billion) in 2025, the 200 leading companies accounted for more than 37% of the country's total revenue.
By ownership structure, the list comprises 99 private-sector companies, 73 State-owned enterprises (SOEs), and 28 foreign-invested enterprises (FIEs) and joint ventures. Although SOEs do not account for the majority of companies on the list, they remain the largest contributors by value, equivalent to 43% of the total contribution of the VNTAX 200. Private-sector companies followed closely, contributing more than 39%.
The remarkable growth of leading private-sector corporations, combined with the large and stable revenue streams generated by SOEs and foreign-invested businesses, is creating a strong financial foundation and providing a key impetus for Vietnam's economy as it pursues double-digit growth targets in the new era.
The substantial budget revenues generated by these companies provide important fiscal space for the Government to accelerate investment in strategic infrastructure projects and strengthen social welfare, healthcare and education systems, delivering tangible and widespread benefits to millions of people.
Pillars of the national budget
The bulk of the ranking's contribution is concentrated among its core group: the top 20 companies contributed VND614 trillion ($23.7 billion), accounting for nearly 62% of the total amount paid by all 200 companies. This highlights the crucial role of major corporations in generating resources for the national budget.
Vingroup became Vietnam's largest taxpayer for the first time. The Top 20 also includes five other private-sector companies: Sunshine Group, NH Smart City, a member of BRG Group, Hoa Phat, Thanh Cong and THACO.
Ranking second overall and leading the SOE group is Vietnam National Industry-Energy Group (PetroVietnam/PVN). Six other SOEs made the Top 20: Viettel, Petrolimex, Vinacomin, Vinataba, EVN and Vietcombank.
Heineken Vietnam led foreign-invested companies—including companies whose parent companies are foreign enterprises and joint ventures in which foreign investors hold a majority stake—with a contribution of approximately VND27 trillion (over $1 billion). Other major foreign-invested names on the list include Toyota, Honda, Vietsovpetro, Nghi Son Refinery and Petrochemical, Sabeco and Ciputra Hanoi.
A total of 26 companies contributed more than VND10 trillion ($385.9 million) each, nine more than in the previous ranking. In addition to companies in the Top 20, six other businesses joined the group of taxpayers contributing more than VND10 trillion: BIDV, Ford, FPT, Techcombank, VietinBank and MB.
The real estate and construction sector became the largest contributing industry in the VNTAX 200, with total payments nearly 24% of the ranking's total.
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