The list of the top 100 private companies that contribute the most to Vietnam’s budget revenue, according to a recently published ranking, is unsurprising. It is still dominated by companies in the banking, real estate (including diversified businesses with real estate operations), and consumer retail sectors. The technology sector is represented by only two companies. The ranking of the top 100 private enterprises that contribute the most to state budget revenue (PRIVATE-100) highlights a clear polarization in the landscape of Vietnam’s private sector. In 2023, these 100 major companies paid nearly VND173 trillion to the budget. Comparing this to the total contribution of the private sector to state budget revenue, which was around VND577 trillion last year, these 100 companies alone accounted for nearly 30%. The top two companies in the PRIVATE-100 list made up over 8% of the total private sector’s tax payment, while the top 10 collectively accounted for around 17.5%. In reality, the dominance of large private firms is not uncommon. The 2023 report on Vietnam’s 500 largest private companies (VPE-500), published by the Institute for Development Strategy under the Ministry of Planning and Investment in September 2023, showed that, on average, in 2019-2021, the labor size […]