According to the V1000 Ranking, a list of 1,000 companies with highest corporate income tax value paid in 2013, the 10 biggest taxpayers are familiar faces as in previous years. Mining, telecommunications and banking companies remain top taxpayers on the list. However, a new phenomenon that does not come from these three industries in 2013 is Vietnam Dairy Products Joint Stock Company (Vinamilk).
The top position is secured by PetroVietnam Exploration and Production Corporation (PVEP), followed by Vietnam Military Telecommunications Group (Viettel), Vietnam Mobile Telecom Services Company (MobiFone), PetroVietnam Gas Joint Stock Corporation (PVGAS), Vietnam National Oil and Gas Group (PetroVietnam), Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), Vietnam Bank for Agriculture and Rural Development (Agribank), Dairy Products Joint Stock Company (Vinamilk), Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), and Bank for Investment and Development of Vietnam (BIDV).
The analytical report shows that the high ranking partially reflects their business efficiency in addition to tax amount paid to the State Budget. Regarding profitability, PVEP and Viettel secure the two top spots. Vinamilk and PVGAS also make respective record profits of more than VND12.3 trillion and VND6.9 trillion.
The fourth-ranked PVGAS has the highest return on assets (ROA) ratio in the Top 10 list, followed by Vinamilk and Viettel. However, Vinamilk’s return on equity (ROE) ratio of 0.7 tops the list. This indicator shows that a unit of money spent brought in 0.7 units of money of profit in 2012, many times higher than the deposit rate quoted by banks.
Despite four faces in the top 10 list, banks have the lowest ROA and ROE ratios. This partly shows difficulties against the banking sector in 2012 when recession and bad debt caused huge impact on operating environment and business results of banks.
PetroVietnam and PVEP, two representatives of oil and gas industry, have the highest return on revenue. Their profits come from oil and gas joint ventures. Vinamilk’s profit margin on revenue ranks third with over 25 percent. This indicator proves the high performance efficiency of the largest milk firm in Vietnam. Viettel also expresses its high performance efficiency with the fourth position. The military-run telecom firm’s revenue reached VND140 trillion in 2012 and its profit grossed VND27 trillion.
Taking into account the ratio of corporate income tax on revenue, PVEP has the best rate, followed by MobiFone.
In the coming time, Vietnamese companies will continue to face enormous challenges because of domestic and global economic difficulties.
At the Autumn Economic Forum 2013, Mr Tran Dinh Thien, Director of the Central Institute for Economic Management (CIEM), said: “The world economy has entered the trajectory of recovery from the global crisis and economic recession in 2008 but Vietnam is on the way to the bottom with a growing concern of being lagged further behind the regional countries.” The status of turbulence caused by unsettled bad debts, lacklustre real estate market, lower growth than neighbouring countries, declining competitiveness index, pessimistic performance of the business sector, and budget deficit have been deteriorating the economy. V1000 enterprises, especially top taxpayers, need to add efforts to overcome difficulties, maintain effective business and drive up economic growth.
Minh Phan
Đăng ký: VietNam News