Viettel tops list of largest corporate taxpayers

14:10 | 16/10/2015 Economy

The military-run Viettel has been named the largest corporate taxpayer in Vietnam for the second time, according to a report known as V1000 released on October 14.

Viettel tops list of largest corporate taxpayers

Last year, the telecom giant reported revenue growth of 20% to reach VND197 trillion (nearly US$8.9 billion) with pre-tax profits at VND42 trillion (US$1.9 billion), up 15% from a year earlier.

Viettel is followed by PetroVietnam Gas, Mobifone, the Vietnam Oil and Gas Group (PVN) and the Vietnam Bank for Industry and Trade (Vietinbank). Unilever Vietnam, Samsung Electronics Vietnam, Mobifone and PVN appear in the top ten biggest corporate tax payers for the first time.

The report shows that the IT sector, which accounts for only 4.6% of the 1000 companies, made the largest contribution to the state budget (18%), followed by the financial sector, with 76 firms contributing 14%. The food and beverage sector has the largest number of enterprises on the table (110), but its contribution is only ranked fourth at 11%.

According to the V1000 report, tax payments by the 1,000 companies in 2014 reached VND82.344 trillion (US$3.7 billion), equivalent to one tenth of total state revenue collected in the same year.

The report sees the presence of 229 State-owned enterprises, contributing 45% of total tax payments by the 1,000 companies, while 460 foreign-invested firms contributed 37%.

Meanwhile, domestic private enterprises number 311 but their contribution was only 18%.

As part of the report, a survey shows that 61% of enterprises want to have more adjustments to the taxing system and only 13% are satisfied with current regulations.

A ceremony to honour the 1,000 largest corporate taxpayers is scheduled to be held at the National Convention Centre in November./.

Source: NDO