The General Department of Taxation (GDT) on October 5 held a ceremony honoring top 30 tax payers of the country.

Minister of Finance Dinh Tien Dung and Hanoi's Mayor Chu Ngoc Anh at the event.

A number of local enterprises were included in the list, including state-run Vietnam Oil and Gas Group (PVN), Viettel Military Industry and Telecom Group (Viettel), Vietnam Airlines, Vietnam Diary Products Company (Vinamilk), and Vingroup, among others.

The amount of tax contribution from 30 enterprises in the list is estimated in range of VND3 – 600 trillion (US$130 million – 25.75 billion) per year in the 2015 – 2019 period.

Vice General Director of Vinamilk Le Thanh Liem said the company currently has 13 modern plants and diary farms across the country, and is expected to pay over VND5.2 trillion (US$224.54 million) in tax for this year.

Mr. Liem added the application of IT in tax management, and recently the e-invoice, has been instrumental in helping Vinamilk operate efficiently, in turn saving VND4 – 5 billion (US$173,000 – 216,000) per year compared to the use of paper invoices.

Overview of the ceremony. Source: MoF.

Minister of Finance Dinh Tien Dung said the 30 honored at the event are representing hundreds of thousands of enterprises in Vietnam that have fulfilled financial obligation to the state.

According to Mr. Dung, domestic revenue has been on a steady rise from VND69.8 trillion (US$3 billion) in 2000 to VND1,2770 trillion (US$55.13 billion) in 2019,  an 18-fold increase during the 2000 – 2019 period.

This showcases the huge contribution from the business community to the state budget, added Mr. Dung.

On this occasion, the GDT officially launched the new online tax service system named eTax, targeting greater support for enterprise in tax payment amid the Covid-19 pandemic.

In the first nine months of 2020, Vietnam’s state budget revenue stood at VND975.3 trillion (US$42.1 billion), equivalent to 64.5% of the estimate, in which domestic revenue made up VND812.4 trillion (US$35.06 billion) or 64.3% of the estimate and down 8.3% year-on-year.