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Tax payments rise from State-owned enterprises

Update: December, 03/2013 - 09:35
State-owned enterprises (SOEs) continue to be the leading corporate taxpayers on a list of 1,000 leading corporations, accounting for 52.6 per cent of total tax payments this year.—VNA/VNS Photo

HA NOI  (VNS) — State-owned enterprises (SOEs) continue to be the leading corporate taxpayers on a list of 1,000 leading corporations, accounting for 52.6 per cent of total tax payments this year.

According to the so-called V1000 profile, released on Friday by the Viet Nam Report Co in co-operation with the General Department of Taxation and online newspaper Vietnamnet, the top 100 corporate taxpayers comprised 42 per cent SOEs.

Specifically, total corporate tax of the enterprises reached VND77 trillion (US$3.66 billion), posting 42 per cent increase from last year.

The profile said the figures have proved that profit from SOEs has been at a high level and its effectiveness has improved thanked to focus on core business activities and reducing costs.

The figures show that SOEs still hold a big part of the economy.

The report added that foreign invested enterprises are better aware of their responsibilities to pay tax.

The sector accounted for 24 per cent of the total tax payments among the top 1,000 leading corporate taxpayers compared to only 19.6 per cent last year.

This year, the V1000 has reflected a stronger presence of FDI enterprises. Of 460 new businesses listed in the ranking, 45 per cent were foreign invested, while those of private and SOEs sectors were 37.1 per cent and 17.5 per cent respectively.

The banking and telecommunication sectors accounted for the biggest contributions to the State Budget, 23.4 per cent and 16.7 per cent respectively. However, the telecommunications and food-beverage sectors had the highest profitability.

The report said the banking sector did not show high profit despite large capital. It added that this was why the sector had been urged to restructure by reducing bad debts and enhancing effectiveness.

Notably, the number of listed businesses in the stock market accounted for only 15 per cent of the top 1,000 and their tax payments made up 22 per cent of the list.

The report also warned that most large Vietnamese businesses depended on loans to run their operations.

Top 10 corporate taxpayers

1. PetroVietnam Exploration and Production Corporation (PVEP)

2. Military Telecommunication Group (Viettel)

3. Viet Nam Mobile Telecom Services Company (VMS)

4. PetroVietnam Gas Corporation (PV Gas)

5. Viet Nam Oil and Gas Group (PetroVietnam)

6. Viet Nam Joint Stock Commercial Bank for Industry and Trade (VietinBank).

7. Viet Nam Bank for Agriculture and Rural Development (Agribank)

8. Vietnam Dairy Products Joint Stock Company (Vinamilk)

9. Joint Stock Commercial Bank for Foreign Trade of Viet Nam (Vietcombank) — VNS

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