According to 2024 financial reports from 28 Vietnamese commercial banks, 16 institutions contributed over VND 1 trillion (approximately USD 40 million) each in corporate income tax (CIT), marking a significant increase from 2023.

These 16 banks include Vietcombank, VietinBank, BIDV, MB, Agribank, Techcombank, ACB, VPBank, HDBank, Sacombank, LPBank, SHB, VIB, TPBank, MSB, and SeABank - the newest entrant into the “trillion-VND tax club.”

In total, the banking sector contributed VND 63.85 trillion (USD 2.57 billion) in corporate income tax to the state budget in 2024, representing a 17% increase compared to 2023.

Biggest contributors

Vietcombank topped the list with VND 8.19 trillion (USD 330 million), up 1.98% year-over-year. VietinBank followed with VND 6.1 trillion (USD 245 million), up nearly 29%, while BIDV ranked third with VND 5.98 trillion (USD 240 million), up 12%.

MB and Agribank completed the top five, each paying over VND 5.4 trillion (USD 215 million), with annual increases of 12% and 8% respectively.

Among private banks, Techcombank led the pack with VND 4.8 trillion (USD 194 million), surging 23% year-on-year. Other notable contributors included ACB (VND 4.03 trillion), VPBank (VND 3.62 trillion), HDBank (VND 3.24 trillion), and Sacombank (VND 2.54 trillion), the latter recording an impressive 40% growth.

LPBank also saw a remarkable 67% increase, contributing VND 2.45 trillion. SHB, TPBank, MSB, and SeABank also posted solid tax payments, with SeABank joining the trillion-VND club for the first time.

On the edge of the trillion-VND mark

Nam A Bank (VND 936 billion), Eximbank (VND 853 billion), and OCB (VND 832 billion) are nearing the VND 1 trillion threshold.

All other banks paid below VND 250 billion in CIT.

Under Circular 78/2014/TT-BTC, corporate income tax in Vietnam is levied at 20% on taxable income. This statutory rate is applied through the end of the fiscal year.

It is worth noting that banks contribute to the state budget not only via CIT but also through value-added tax (VAT) and other duties and fees.

CIT contributions in 2024 by bank (in million VND):

Tuan Nguyen