According to the finalized list, the top 100 enterprises in the PRIVATE 100 ranking contributed a total of nearly VND 173 trillion to the state budget in 2023. Among them, more than 30 companies recorded contributions of at least VND 1 trillion each.
With the aim of recognizing the vital role of the private sector in the economy, as well as honoring and spreading the spirit of social contribution among businesses, CafeF has developed PRIVATE 100 – a list of the largest private enterprises contributing to Vietnam’s state budget.
PRIVATE 100 was first announced on August 15, 2024, and is compiled based on actual payments made during a financial year (12 months) ending at various points between June 30, 2023, and March 31, 2024.
PRIVATE 100 consists of a general list, which includes all private enterprises with contributions exceeding VND 100 billion, and a Top 100 ranking (PRIVATE 100: Leading Group). Within the Top 100, if a conglomerate has multiple parent and subsidiary companies that meet the criteria, only the parent company is ranked.
The top 10 names are all familiar private conglomerates, with half of them belonging to dollar billionaires, including Vingroup, THACO, Hoa Phat, Techcombank, and Masan Group.
All of the top 10 enterprises each contributed more than VND 4 trillion to the state budget, with Vingroup standing out significantly at VND 30.9 trillion. The remaining companies in the Top 10 all recorded contributions of at least VND 4 trillion.
Three companies linked to the ecosystem of billionaire Nguyen Thi Phuong Thao—HDBank, Vietjet, and HD Securities—also recorded combined contributions exceeding VND 4 trillion.
The private banking sector had a total of 17 representatives in the Top 100, with total contributions reaching nearly VND 42 trillion. The top 10 private banks alone contributed more than VND 36.8 trillion, an increase of over VND 10.7 trillion compared to 2022. Many banks doubled their contributions year-on-year, equivalent to increases of trillions of dong.
The private real estate sector ranked second in total contributions, with more than VND 37 trillion. Among them, seven companies each contributed over VND 1 trillion. If including large diversified conglomerates with real estate operations such as Vingroup, THACO, and Gelex, the figure could exceed VND 50 trillion.
Leading real estate companies in 2023 and 2024 generated significant budget contributions in Hai Phong, where they are heavily investing—from Vinhomes to Hoang Huy Group and DOJILAND.
The consumer goods and retail sector also stood out, with nearly 20 companies contributing over VND 21 trillion in total. Masan Group alone contributed more than VND 4.4 trillion; beer companies contributed nearly VND 6 trillion; other F&B (food and beverage) businesses contributed over VND 7 trillion; and retail companies contributed VND 3.7 trillion.
Within the retail segment, several companies contributed at the trillion-dong level, including Mobile World Investment Corporation (MWG), as well as two leading jewelry retailers, PNJ and DOJI.
The securities sector also had strong representation, with 15 companies on the PRIVATE 100 list, including three leading firms each contributing over VND 1 trillion. The technology sector, though relatively small in number, still had two representatives—FPT and VNG—each contributing over VND 1 trillion.
Steel companies contributed nearly VND 12 trillion in total, primarily driven by Hoa Phat.
Beyond the major sectors mentioned above, the PRIVATE 100 list also includes enterprises from most of the key sectors of the economy.
According to the finalized list, the top 100 enterprises in the PRIVATE 100 ranking contributed a total of nearly VND 173 trillion to the state budget in 2023. Among them, more than 30 companies recorded contributions of at least VND 1 trillion each. The lowest contributor still paid more than VND 240 billion.
The combined contributions of Vingroup, THACO, and Hoa Phat alone accounted for more than one-third of the total contributions of the entire list.
The financial services sector—including banking, securities, and insurance—accounted for 28% of total contributions. Enterprises primarily operating in real estate and construction (excluding Vingroup) accounted for 10%.
Source: CafeF
