Hoa Phat is one of the top largest enterprises paying corporate income tax in Vietnam

12/10/2019 11:00

The General Department of Taxation, Ministry of Finance has just announced the list of the 1,000 largest corporate income taxpayers in Vietnam in 2018. With a total of VND 6,388 billion paid to the state budget in 2018, Hoa Phat Group has 6 Subsidiary companies are honored.

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Six representatives honored in the list of V1000 are Hoa Phat Hai Duong Steel Joint Stock Company, Hoa Phat Steel Pipe Company Limited, Hoa Phat Hung Yen Steel Company Limited, Hoa Phat Furniture Joint Stock Company, Energy Joint Stock Company. Hoa Phat (belonging to Hoa Phat Hai Duong Steel), Hoa Phat Steel Pipe Co., Ltd Da Nang.

In 2018, Hoa Phat set the highest business record with consolidated revenue of the whole Group reaching 56,580 billion VND, increased 21% compared to 2017. Notably, after-tax profit reached the highest level in HPG history is VND 8,600 billion, 7% higher than the plan and over the previous year. With positive business results, Hoa Phat Group paid VND 6,388 billion to the state budget, an increase of 32% compared to 2017.

The budget contribution of Hoa Phat in 2018 is equivalent to that of Binh Dinh province, the locality ranked 34th out of 63 provinces and cities nationwide in remitting the budget. Within 10 years from (2008 - 2018), the subsidiaries of Hoa Phat Group contributed VND 27,000 billion to the State budget, exceeding the budget revenue estimates of Da Nang and in the Top 10 of the province has the largest national revenue in 2018.

This is the third year the General Department of Taxation has published a detailed ranking of 1,000 largest corporate income taxpayers in Vietnam and also the third successive year Hoa Phat has been honored. The ranking was created to recognize the contribution of businesses to the state budget, and to create motivation for businesses to strive further in the coming time.

In 2018, the total amount of corporate income tax paid by businesses in the V1000 list in 2018 increased by 8.3% compared to the V1000 list in 2017. The industry with the largest contribution in V1000 in 2018 was the processing industry. Manufacturing and processing fields accounted for 33.37% compared to the total amount  in 2018.

Hong Hanh

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