Top 10 real estate businesses paid the budget more than 32,000 billion VND

Top 10 real estate companies contribute over 32,000 billion VND to the state budget.

Recently, the list of the Top 10 private real estate companies contributing the most to the state budget in Vietnam was announced, featuring many large companies such as Vinhomes, Khang Dien, Idico, Novaland , Vinaconex, and Van Phu Invest… Their total contribution to the state budget in 2023 was over 32,000 billion VND.

Ten private real estate companies contributed over 32,000 billion VND to the state budget.

As one of the top 20 economic sectors and ranking 11th in terms of size (according to 2022 data from the General Statistics Office), real estate plays a crucial role in the Vietnamese economy in building infrastructure, creating jobs, and generating economic growth. It also drives the development of many related sectors such as retail, tourism, education, and manufacturing.

Over the past 10 years, the real estate market has been making an increasingly significant contribution to state budget revenue through sources such as land use tax, income tax from the transfer of land use rights, and corporate income tax.

Currently, there are many lists honoring businesses, but none reflect the total tax contributions of these businesses. According to the Private 100 report, first published in 2024 – Top 100 private businesses with the largest tax contributions in fiscal year 2023 – the total tax contribution of the Top 10 real estate companies was over 32,000 billion VND, and 8 out of 10 businesses contributed more than 1,000 billion VND.

This list includes many leading businesses that have built their reputations over the past two decades. Leading the ranking is Vinhomes Joint Stock Company (stock code VHM), contributing approximately 18,000 billion VND to the state budget in 2023. The second highest contributor in the real estate sector is Hoang Huy Financial Services Investment Joint Stock Company (stock code TCH), contributing over 5,300 billion VND. Following closely behind is Taseco Real Estate Investment Joint Stock Company (Taseco Land, stock code TAL) with contributions exceeding 2,000 billion VND. Major names in the real estate sector such as Van Phu Invest, Novaland, Khang Dien, and Vinaconex are also featured on this list.

With tax contributions exceeding 700 billion VND, half of which came from land use fees, Vietnam Import-Export and Construction Corporation (Vinaconex, stock code VCG) is a rather special case on this list, particularly because this enterprise is both a reputable investor and construction contractor.

Private 100 ranking (Source: CafeF)

Vinaconex is oriented towards developing high-end real estate projects.

The list of Top 10 real estate companies that contribute the most to the state budget not only reflects their financial strength but also affirms the profound influence of these businesses in shaping and developing the Vietnamese real estate market.

Vinaconex is commonly known as a leading construction company, participating in the construction of many large-scale infrastructure projects and key national projects such as highways, airports, and ports. However, even when it was a state-owned enterprise, Vinaconex pioneered the construction and development of many large-scale real estate projects. Currently, after nearly 6 years of operating as a non-state-owned enterprise, Vinaconex continues to promote its real estate investment activities, especially focusing on developing high-end real estate projects.

Most recently, this company has made its mark on the real estate market with the launch of two prominent high-end projects: Vinaconex Green Diamond Office - Commercial - Residential Complex (93 Lang Ha) and Vinaconex Diamond Tower Commercial - Office for rent complex (also known as Cho Mo Shopping Center - Hai Ba Trung, Hanoi ).

Sharing the common characteristics of relatively large construction areas and prime locations on the busiest streets of the capital, these projects are directly invested in and built by Vinaconex with the highest quality standards, aiming for "green living" and "green offices," bringing real value to customers and investors. Vinaconex is orienting its brand development in the high-end real estate segment. Projects in this segment are not only evaluated based on price but also on the reputation of the investor, construction quality, unique design, and accompanying amenities.

Vinaconex Diamond Tower Commercial and Office Complex (Cho Mo Shopping Center)

In addition, Vinaconex is currently accelerating the implementation of several key real estate projects such as the urban residential area project at Km3, Km4, Hai Yen ward, Mong Cai city, Quang Ninh; the Hoa Binh Boulevard extended urban area in Hai Hoa ward, Mong Cai city; the investment, construction and business of technical infrastructure in Hoa Lac High-Tech Park; Thien An new urban area; and accelerating the completion of infrastructure at the Cat Ba – Amatina project to ensure readiness for business operations…

Vinaconex is also actively preparing for investment in new projects such as: the Bien Ho spiritual ecological urban area project in Phu Yen; the Dong Anh industrial park project in Hanoi; the Son Tay industrial park project in Hanoi… Vinaconex has also accumulated a large land bank in many localities to meet the diverse development needs of various types of real estate, from housing, urban areas, resorts to industrial infrastructure….

Previously, this company had affirmed its vision in the real estate sector by pioneering the introduction of the new urban area model to Vietnam, starting with the Trung Hoa – Nhan Chinh Urban Area Project, a 24-hectare project providing housing for 15,000 residents and becoming one of Hanoi's first complete and integrated urban areas, which has been operational since 2008.

Following this success, Vinaconex and its member units have implemented a series of real estate projects such as the Bac An Khanh Splendora New Urban Area, the N05 Tran Duy Hung mixed-use high-rise apartment complex, the Nguyen Chanh apartment complex, the 2B Vinata Tower apartment building, and the Bohemia Residence commercial center, apartment and office rental complex, and the 97-99 Lang Ha project…

With the dual advantage of being both a general contractor and an investor, coupled with strong financial capabilities, Vinaconex enjoys a significant market advantage over other companies in the same industry. At the end of the first six months of 2024, Vinaconex achieved total revenue and income exceeding VND 5,594 billion; after-tax profit reached VND 645.797 billion, approximately 70% of the full-year plan approved by the General Shareholders' Meeting.

Source: https://baodautu.vn/top-10-doanh-nghiep-bat-dong-san-nop-ngan-sach-hon-32000-ty-dong-d223097.html