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Only two companies linked to billionaire Pham Nhat Vuong paid 87.4 trillion dong into Vietnam’s state budget in 2025, surpassing the combined contributions of Viettel, Petrolimex and VCB. Based on the 2025 consolidated financial statements of Vinhomes Joint Stock Company (VHM), the total amount actually paid into the state budget in 2025 reached 73,243 billion dong (about 2.8 billion USD), the largest budget contribution by Vinhomes to date.
The increase in VHM’s tax payments reflects business growth tied to major projects launched over the past year. In terms of payment structure, the largest share of VHM’s budget payments came from land use and land lease payments, at nearly 53,000 billion dong, accounting for over 72% of the total paid. This aligns with the scale of VHM’s land bank deployment, supported by 2025 sales of 205,252 billion dong.
VHM also reported the launch of five new projects in key markets including Hanoi, Ho Chi Minh City, Hai Phong and Tay Ninh. Other components of VHM’s 2025 payments included:
In addition to VHM, VEFAC (VEF) — the Vietnam Exhibition Center Joint Stock Company, a subsidiary within the Vingroup ecosystem operating the Vietnam Exhibition Center — also recorded notable budget contributions in 2025. According to its Q4 2025 financial statements, VEF paid 14,102 billion dong into the state budget in 2025.
Within that total, VEF’s 2025 payments included:
VEF reported positive business results in 2025, with net revenue reaching 44,724 billion dong, up from 4.6 billion dong in 2024. Net profit rose to 15,402 billion dong, the highest in the company’s history, increasing by more than 16 times compared with 942 billion dong in the prior year.
The profit increase was attributed to Q1 performance, when VEFAC recorded 44,560 billion dong in revenue from transferring a portion of the Vinhomes Global Gate project, alongside higher financial revenue from business collaborations. The Vietnam Exhibition Center (VEC) also began operations after 10 months of construction, contributing to VEF’s revenue during the year.
Combining VHM and VEF, total budget payments in 2025 approached 87,346 billion dong (more than 3.3 billion USD). These figures make them the two largest real estate enterprises by state budget contributions in 2025.
According to the Tax Department, as of 31/12/2025, total state budget revenue reached 2,236,900 billion dong. Domestic revenue accounted for 2,189,600 billion dong, or about 98% of total revenue. As a result, VHM and VEF’s combined budget payments represented nearly 4% of domestic revenue in 2025.
With Vietnam targeting double-digit growth in 2026–2030 and encouraging greater private-sector contributions to the budget, the 2025 figures from VHM and VEF highlight the growing role of private enterprises in supporting national budget resources.
To recognize top budget-contributing enterprises, CafeF Lists includes PRIVATE 100 (private-sector companies with budget payments of 100 billion dong or more) and VNTAX 200 (all enterprises with budget payments of 200 billion dong or more, including state-owned, private, FDI and joint ventures). In 2025, both PRIVATE 100 and VNTAX 200 were included for the second time in the CafeF Lists system, following their initial debut a year earlier.
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