Banking sector tops list of 1000 biggest tax payers

(VOV) - Vietnam report 2013 reveals the banking and telecoms sectors remain the greatest tax contributors in this year's list of 1,000 largest corporate income tax payers in Vietnam (V1000), making up 23.4% and 16.7% respectively of all tax.

Total taxes contributed by V1000 reached VND77,000 billion this year, 42% higher than last year’s level.

The PetroVietnam Exploration Production Company (PVEP) takes the lead among the highest tax payers, closely followed by Viettel, Mobifone, PetroVietnam Gas Joint Stock Corporation (PV Gas) and the Vietnam National Oil and Gas Group (PetroVietnam).

The Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)  is ranked sixth, followed by commercial banks such as Vietnam Bank for Agriculture and Rural Development (Agribank), JSC Bank for Foreign Trade of VIetna (Vietcombank), and the Bank for Investment and Development of Vietnam (BIDV).

The findings illustrate substantial differences in the amount of tax paid by leading companies. In addition, government revenue still remains largely dependent on the top ten tax payers, one third of the entire state budget comes from 1,000 enterprises.

Top ten tax paying enterprises in 2013:

1.     The PetroVietnam Exploration Production Company (PVEP)

2.     Military Telcommunications Group

3.     Vietnam Mobile Telecom Services Company (VMS)

4.     PetroVietnam Gas Joint Stock Corporation (PV Gas)

5.     Vietnam National Oil and Gas Group

6.      Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank)

7.     Vietnam Bank for Agriculture and Rural Development (Agribank)

8.     Vietnam Dairy Company

9.     JSC Bank for Foreign Trade of VIetna (Vietcombank)

10.   Bank for Investment and Development of Vietnam (BIDV).