Vingroup's 2024 Budget Contribution: Record Of Nearly VND 56.2 Trillion, More Than 15 Provinces Combined

Vingroup contributed a record of nearly VND 56.2 trillion (USD 2.2 billion) to the state budget in 2024, an increase of 82% compared to 2023 and exceeding the total contribution of 15 provinces. Notably, over half of this came from land use fees and land rental.

Key Highlights

• In 2024, Vingroup contributed nearly VND 56,163 billion (equivalent to nearly USD 2.2 billion) to the state budget.
• This figure represents an 82% increase compared to 2023 and surpasses the record set in 2022 (VND 44,916 billion).
• Vingroup’s total budget contribution in 2024 is greater than the combined total contribution of the 15 provinces with the lowest contributions.
• Remarkably, over half of Vingroup’s budget contribution came from land use fees, land rental, and obligations under Build-Transfer (BT) contracts, reaching VND 28,797 billion.

Details Of Vingroup’s 2024 Budget Contribution

According to the audited consolidated financial statements for 2024 of Vingroup Corporation (VIC), the specific breakdown of budget contributions is as follows:

• Land use fees, land rental, and obligations under Build-Transfer (BT) contracts: VND 28,797 billion (5.8 times higher than in 2023).
• Corporate income tax: VND 11,833 billion (up 72% compared to 2023).
• Value-added tax: VND 5,710 billion.
• Personal income tax: VND 2,970 billion.
• Special consumption tax: Nearly VND 854 billion.
• Other taxes: VND 5,999 billion.

Contribution To The State Budget Over The Years

Statistics from 2018 to 2024 show that Vingroup Corporation has contributed nearly VND 234,000 billion to the state budget. In years with high budget contributions such as 2024, 2022, and 2019, the proportion of land use fees, land rental, and obligations under Build-Transfer (BT) contracts has consistently been the largest.

Impressive Business Results in 2024

In 2024, Vingroup recorded:

• Net revenue: VND 189,068 billion (up 17% compared to 2023).
• Profit after tax: VND 5,276 billion (up 157% compared to 2023).

Position in the Stock Market

In the stock market, VIC shares have experienced positive growth:

• Closed the trading session on April 1st at VND 59,700 per share, an increase of 2.93%.
• Grew by 45% in the past month (since the beginning of March).
• Market capitalization reached over VND 228,000 billion (USD 9 billion), bringing Vingroup back to the top 3 most valuable listed companies, surpassing VietinBank and Viettel Global, and only behind Vietcombank and BIDV.

Recognition Of Contributions From Private Enterprises

With the desire to acknowledge the important role of the private sector, CafeF announced PRIVATE 100 – the list of the largest private budget-contributing enterprises in Vietnam – in August 2024.

Following this, CafeF continues to build VNTAX 200 – the list of the largest budget-contributing enterprises in Vietnam, including state-owned, private, foreign-invested, and joint-venture enterprises. The PRIVATE 100 and VNTAX 200 rankings for 2025 (based on the actual contribution data of 2024) will be announced soon.