Business

State-owned firms pay most taxes

State-owned enterprises (SOEs) continued to be the biggest tax contributors in the top list of 1,000 largest corporate income tax payers in Vietnam with its contribution doubling from 25.8 trillion VND (1.2 billion USD) in 2010 to 65 trillion VND (3.1 billion USD) this year.
State-owned enterprises (SOEs) continued to be the biggest taxcontributors in the top list of 1,000 largest corporate income taxpayers in Vietnam with its contribution doubling from 25.8 trillion VND(1.2 billion USD) in 2010 to 65 trillion VND (3.1 billion USD) thisyear.

The V1000 profile is released on Oct. 18 by the Vietnam Report Companyand online newspaper VietnamNet to honour enterprises for their goodbusiness performance and for their significant contributions to thecountry's budget over three consecutive years.

The rankingthis year also saw a strong development of foreign-invested enterprises(FDI) as their contribution rose from 20 trillion VND (961 million USD)to 39 trillion VND (1.9 billion USD).

Giant telecomproviders including the Vietnam Post and Telecommunications (VNPT),Military-run Viettel Corporation (Viettel) and the Vietnam MobileTelecom Services Company (VMS) this year held high positions in thelist. The ranking also saw dominant tax payers in the sectors ofpetroleum, banking and coal and minerals.

The Vietnam Report Company said that the ranking welcomed new businesses which mostly came from SOEs and private sectors.

Information to compile the business profiles is collected from businessresults and individual data by the company in coordination with theTaxation magazine of the General Department of Taxation, and domesticand foreign consultants.

Rankings are based on the total corporate income tax paid over three consecutive financial years between 2008 and 2010./.
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