The STATE 100 list for 2026 has been officially released, honoring the 100 State-owned enterprises (SOEs) with the largest contributions to the State budget, according to a report by the Government News.
The ranking is based on actual payments made during the 2025 fiscal year.
According to the STATE 100 data, the total budget contribution from these top 100 SOEs—after excluding double-counted figures between parent companies and subsidiaries—reached VND425.8 trillion ($16.3 billion). This amount accounts for approximately 16% of Vietnam’s total national budget revenue.
The scale of contribution is widely distributed rather than being concentrated solely in the top-tier companies. Among the 100 ranked enterprises, 71 reported contributions exceeding VND1 trillion ($38.3 million), with 14 of those surpassing the VND10 trillion ($383 million) mark. Even the enterprise ranked at 100th place contributed a significant VND468 billion (nearly $18 million).
Compared to the PRIVATE 100 (top private enterprises), the leaders of the STATE 100 are more concentrated in capital-intensive sectors that play a vital role in the national economy, such as oil and gas, electricity, coal and minerals, petroleum, and telecommunications. In the Top 10 positions of the STATE 100, six belong to the energy and resources group.
Key players in the energy and resources sector include the Vietnam National Coal-Mineral Industries Group (Vinacomin) and Vietnam Electricity (EVN).
In the telecommunications sector, Viettel stands out as the second-highest contributor on the overall list. The banking sector also secured two spots in the Top 10: Vietcombank and BIDV.
In terms of contribution share by industry, oil, gas, and petroleum represents the largest group, accounting for 29% of the list's total payments. Lottery companies’ contributions represent 14% of the total. The technology-telecom-media and banking sectors followed with similar shares of 13% and 12%, respectively.
Other major contributors include the coal and minerals sector and the power sector.
When analyzing the number of enterprises appearing in the Top 100, lottery is the most well-represented group with 22 companies, primarily consisting of provincial state-owned lottery firms. The electricity sector follows with 9 enterprises, while oil and gas and transportation-logistics each have 6 representatives.
The sectors of petroleum and gas, coal and minerals, banking, chemicals, and technology-telecom-media each have approximately 5 enterprises on the list.
Notably, the securities sector has only one representative: MB Securities (MBS), which appears in the STATE 100 alongside its parent company, MB Bank.
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