The list of the top 20 real estate companies contributing the most to the state budget in Vietnam in 2026 has just been announced as part of the Vietnam Largest Taxpayers – VNTAX awards system. The 2026 list is based on actual tax payments made during the 2025 fiscal year.
Vingroup Corporation topped the list with over 148,700 billion VND in tax contributions, becoming the first private enterprise to contribute over 100,000 billion VND in a single year. The main contributions came from Vinhomes and its subsidiaries (73,200 billion VND), the parent company Vingroup (nearly 49,400 billion VND), and Vietnam Exhibition and Convention Center Joint Stock Company - VEFAC (nearly 14,600 billion VND).
Besides Vingroup, the list includes 3 other businesses that paid over 10,000 billion VND:
Sunshine Group has contributed over 24,000 billion VND from projects such as Noble Place Tay Thang Long, Noble Crystal River, etc.
Nam Thang Long Urban Development Company Limited (Ciputra Hanoi): VND 13,600 billion.
BRG Group, through its subsidiary NH Smart City, has paid nearly 13,200 billion VND.
Following closely behind are businesses that have consistently maintained strong performance, such as BIM Group, Taseco Land, Phat Dat, Nam Long, Van Phu, Tan A Dai Thanh (MEYLAND), and Novaland. Besides familiar developers, this year's list also includes some new entrants such as CTX Holdings (nearly 5,000 billion VND for the Sun Feliza Suites project) and JS Real Estate JSC (Jade Square project).
2025 marks the third year in the last four years that Van Phu has maintained a budget contribution exceeding 1,000 billion VND per year. Regarding land development, Van Phu focuses on research and development in central areas such as Ho Chi Minh City, Hanoi, Hai Phong, and Bac Ninh.
With Nam Long's abundant existing projects, the group is focusing on sales activities at Waterpoint Phase 1 (Southgate), Izumi City, Nam Long II Central Lake, and Elyse Island projects, affirming its implementation capacity and market absorption strength.
Besides its already launched large-scale projects, Tan A Dai Thanh (MEYLAND) is demonstrating a strong ambition to expand its land bank by aiming to develop three large-scale urban areas in Hanoi with a total investment of up to 47,000 billion VND.
In the industrial and commercial real estate sector, prominent representatives include Kinh Bac City, Sonadezi, IDICO, Viglacera, and Vincom Retail. The Top 20 also includes state-owned enterprises such as the Housing and Urban Development Investment Corporation (HUD) and the Industrial Park Development Corporation (Sonadezi).
In 2025, Kinh Bac City's tax contribution increased by 53% compared to the previous year, reaching 804 billion VND.
20 businesses contribute 9% of the national budget.
Looking at the overall picture, the top 20 largest real estate companies have made a strong impression with a total tax contribution of 230,000 billion VND, equivalent to nearly 9% of the total national budget revenue of 2.65 million billion VND in 2025.
According to data from the Ministry of Finance, total state budget revenue in 2025 exceeded the projected figure by 34.7% and increased by 29.7% compared to the same period last year. A major contributor to this achievement was revenue from housing and land, reaching approximately 575.5 trillion VND, equivalent to 196% of the annual projection.
Contributing to the 2025 Budget
In the private sector alone, the total tax contributions from the top 20 private real estate companies reached VND 216,000 billion – an increase of VND 150,000 billion compared to the list published in 2025.
Thanks to this abundant budget revenue, the Government has more room to invest heavily in key infrastructure projects, healthcare facilities, education, and social welfare. As a result, millions of people are directly benefiting from the country's overall development achievements.
Not only do large real estate corporations directly contribute to the national budget, but their accelerated development of large-scale projects also directly boosts the growth of many related sectors in the value chain, such as cement, steel, and furniture, creating hundreds of thousands of new jobs. Furthermore, the fulfillment of trillions of dong in financial obligations is a clear indicator of the future supply of real estate entering the market.
Taxes paid by the Top 20 private real estate companies
Real estate businesses will continue to make a significant contribution in 2026.
Real estate businesses will continue to make a significant contribution in 2026.In 2026, leading real estate businesses will continue to demonstrate their role as pillars of the national budget. Vinhomes continued to contribute VND 25,200 billion in the first half of the year. Sunshine contributed an additional VND 16,000 billion.
Foreign direct investment (FDI) businesses are also accelerating their investments. According to a report from the Hanoi People's Committee, in the first half of the year, THT Development Company (Starlake project) paid an additional VND 9,458 billion; the Nam Thang Long - Ciputra project paid VND 9,144 billion. In Ho Chi Minh City, Lotte Properties HCMC completed the payment of VND 17,600 billion for the Lotte Eco Smart City Thu Thiem project on July 31, 2026.
Regarding the VNTAX Ranking System:
The Top 20 largest tax-paying real estate companies in Vietnam, along with the Top 20 largest tax-paying private real estate companies in Vietnam, are part of the Vietnam Largest Taxpayers (VNTAX) system – honoring businesses that contribute the most to the Vietnamese national budget.
VNTAX comprises three main lists: VNTAX 200 (Top 200 largest tax-paying businesses), PRIVATE 100 (Top 100 largest tax-paying private businesses), and STATE 100 (Top 100 largest tax-paying state-owned enterprises), along with numerous lists categorized by industry groups such as Real Estate, Securities, Banking, and Retail. The VNTAX lists published in 2026 are based on actual tax payments made in the 2025 fiscal year.
Source: CafeF.
