The list of the top 15 securities companies with the largest contributions to the state budget in Vietnam for 2026 has been officially released under the "Vietnam Largest Taxpayers – VNTAX" recognition system, reported the Government News.
The 2026 rankings are calculated based on the actual tax amounts paid during the 2025 fiscal year.
According to data compiled by CafeF, the 15 enterprises on the list contributed a total of approximately VND14.3 trillion (nearly 543 million) to the State budget in 2025. This represents an increase of about approximately VND2.95 trillion ($112 million), or nearly 26%, compared to the previous year. These results indicate a growing contribution from the securities sector amid the expansion of market scale, liquidity, and the number of investor accounts.
VPS continues to lead the list with a total contribution of VND2.848 trillion ($108 million). This marks the third consecutive year that VPS has held the top position, a streak starting in 2023.
Among the 15 companies featured, 10 are from the private sector, three are subsidiaries of majority state-owned banks (MBS, VCBS, and BSC), and two are owned by South Korean financial groups (KIS and Mirae Asset). Notably, 14 out of the 15 companies saw an increase in their budget contributions compared to 2024, demonstrating that growth was widespread across the industry rather than concentrated in just a few top firms.
Out of the total contributions, Personal Income Tax (PIT) accounted for approximately VND9.3 trillion ($354 million), or 65%. Corporate Income Tax (CIT) reached over VND4.16 trillion ($158 million), equivalent to 29%. The remainder consisted of Value Added Tax (VAT), other taxes, and specific tax obligations arising from the unique operations of each enterprise.
The PIT figures in this report include taxes paid by securities companies on behalf of others, such as taxes on securities transactions, dividends, other investment income, and employee income. Consequently, these budget contributions reflect more than just the profitability of the firms; they also highlight the volume of activity passing through their systems, including client numbers, transaction values, transfer activities, and tax-deductible investment income flows.
In 2025, the VN-Index closed at 1,784.49 points, up 40.9% from the end of the previous year. The HNX-Index reached 248.77 points, a 9.4% increase. The average trading value reached VND29.2 trillion ($1.11 billion) per session, up 39% compared to the 2024 average. The market added more than 2.57 million new securities accounts, bringing the total to over 11.87 million—an increase of 27.7%. On average, more than 214,000 new accounts were opened every month.
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