During a seminar on national growth resources on the afternoon of 15/9, Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department of the Vietnam Chamber of Commerce and Industry (VCCI), analyzed the high concentration in budget contribution structures.

According to the VNTAX 2026 ranking published by CafeF, the total actual budget contribution in 2025 from the 200 largest businesses reached 989,300 billion VND, a 25% increase from the previous period and equivalent to 37,3% of the country's total budget revenue.

Specifically, the top 20 businesses contributed approximately 614,000 billion VND, accounting for 62,1% of the total contribution from the group of 200 entities. The top 100 accounted for 92%, while the remaining 100 businesses contributed only about 8%.

These figures indicate that revenue heavily relies on a very small group of businesses, Tuan stated. This is a strength as Vietnam has developed large-scale corporations. However, it also creates risks for budget revenue if these leading businesses experience financial difficulties or business challenges.

Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department of the Vietnam Chamber of Commerce and Industry (VCCI), speaking at the event. Photo: CafeF

The concentration is also evident in the incremental increase in revenue. The total budget contribution from the group of 200 businesses increased by approximately 195,300 billion VND in 2025. Vingroup alone accounted for nearly 47% of this increase, contributing 148,773 billion VND, compared to 56,200 billion VND a year earlier. Excluding Vingroup, the increase for the remaining 199 entities was about 13,9%.

"A new peak has emerged, but the base of the pyramid needs strengthening," Tuan said. Currently, the 200 businesses in the ranking represent only about 0,02% of over one million officially operating businesses. Therefore, there is ample room for development at the base of the pyramid in the coming years.

By ownership type, state-owned businesses contributed over 424,000 billion VND, maintaining the largest proportion among the 200 entities. In the top 20, the structure was more balanced, with seven state-owned businesses contributing 243,600 billion VND, six private businesses contributing 232,500 billion VND, and seven foreign direct investment (FDI) businesses contributing 137,800 billion VND.

Beyond the reliance on a few leading businesses, the VCCI representative also highlighted risks stemming from the revenue structure. The real estate, construction, and energy sectors contributed 45,9% of the total revenue from the 200 businesses.

Revenue from land currently plays an important role in economic development and budget balance, Tuan noted. However, this revenue source is significantly affected by market cycles, making it difficult to maintain stable annual increases.

"If the real estate market falters, the budget will face major shocks. This is a problem that needs to be addressed," he said.

In reality, land-related revenue can surge when the market is favorable, with many projects receiving land allocations, auctions, or being implemented. Conversely, when real estate liquidity declines, project progress stalls, or land auctions fail, this revenue can decrease rapidly. Thus, a high result in one year may not reflect the capacity to generate stable long-term revenue.

Tuan argued that the budget needs to be strengthened by revenue from production, business activities, labor productivity, and domestic value added. Among the 200 businesses, technology and telecommunications contributed only 6,6%, significantly lower than sectors linked to assets, resources, or goods subject to special consumption tax.

The VCCI representative also emphasized that credit capital should flow more into production and business to boost productivity and create material wealth. If capital is primarily used to hold assets, this is not a positive signal for the economy's sustainability.

To reduce reliance on the "peak of the pyramid," Tuan suggested that Vietnam needs to expand the number of businesses with significant scale and contribution capacity. This requires reasonable compliance costs, convenient tax procedures, stable policies, and predictable financial obligations.

He also believes that business contributions should not only be assessed by the amount of money paid to the budget but also by the value added retained domestically, the number of jobs created, efficiency on revenue, and the spillover effect on supply chains.

Phuong Dung