VietNamNet Bridge – State-owned enterprises continued to be the biggest tax contributors in this year's list of 1,000 largest corporate income tax payers in Viet Nam (V1000) at VND77 trillion (US$3.67 billion), accounting for 52.6 per cent of total taxes paid.

Workers at a PetroVietnam power plant. The company is one of the largest corporate income tax payers in Viet Nam this year.

The V1000 profile was released on Tuesday, Oct 22, by the Viet Nam Report Joint Stock Co in collaboration with the General Department of Taxation's Tax Review Magazine and online newspaper Vietnamnet.

It showed that SOEs are operating effectively and able to record high profits thanks to concentrating on key business sectors and increasing efficiency.

The top 10 tax paying enterprises were: PetroVietnam Exploration Production Corporation, Viettel Group, Viet Nam Mobile Telecom Services, PetroVietnam Gas Corp, Viet Nam National Oil and Gas Group, Vietinbank, Agribank, Vinamilk, Vietcombank and BIDV.

Taxes paid by foreign-invested enterprises accounted for 24 per cent while the corresponding figure was 23.4 per cent from private enterprises.

V1000 this year has seen a strong presence of FDI enterprises. Among 458 new enterprises appearing in this year's V1000, the number of FDI enterprises accounted for over 45 per cent, followed by domestic private enterprises (37.1 per cent) and SOEs (17.5 per cent).

The list this year also showed that companies in Ha Noi and HCM City continue to be engines for the national economy. Companies in the cities made up 61 per cent of the V1000 list.

Taxes paid by HCM City and Ha Noi companies accounted for 43.7 per cent and 33.2 per cent respectively, followed by companies in industrial parks and export processing zones in southern Dong Nai and Binh Duong provinces.

The industrial sector accounted for the biggest proportion for contributions to the State budget (61.8 per cent).

This is the fourth year that the V1000 list has been announced.

The ranking aims to honour enterprises that have made the biggest tax contributions for three consecutive years to the State budget and encourage businesses to increase corporate income tax payments and consciously abide by tax policies and laws.

V1000 was based on survey data provided by competent authorities and further processed and verified independently by Viet Nam Report with feedback data from the surveyed enterprises.

The ranking order of this year V1000 was based on the amount of taxes paid in 2012.

VNS/VNN