Honda, C.P., Samsung, Heineken, Unilever, Toyota, and Suntory Pepsico are the top foreign-invested tax payers in Vietnam, according to the General Department of Taxation.
The department released the top 1,000 taxpayers’ list last Thursday but did not quantify the actual corporate income tax (CIT) payments made in 2021.
Following are the top 10 foreign-invested taxpayers.
Honda Vietnam
Motorcycle and automaker Honda Vietnam was established in 1996 as a joint venture between Japan’s Honda Motor, Thailand-based Asian Honda, and Vietnam Engine and Agricultural Machinery Corp.
It is the largest supplier in the Vietnamese motorcycle market, and a leading player in the car sector. Many Vietnamese still call a Honda a motorcycle.
The firm opened its first motorcycle plant in Vinh Phuc province near Hanoi in March 1998 with $290 million in investment, designed to churn out 500,000 motorcycles a year.
Its second motorcycle factory, a $374 million facility also in Vinh Phuc, was launched in August 2008 with the same capacity as the first plant. The producer doubled the second facility’s capacity to one million in July 2011.
In 2014, Honda Vietnam opened its third motorcycle factory in the northern province of Ha Nam, with $120 million in investment and one million motorbikes in designed capacity.
For autos, Honda Vietnam set up a $60 million factory in Vinh Phuc, able to supply 23,000 cars a year.
C.P. Vietnam
The Thai corporation established its first animal feed factory in Vietnam in the southern province of Dong Nai in 1993, focusing on feed, farms and food. It has since become a dominant player in the country’s livestock market.
In 2020, C.P. launched its chicken processing factory in Binh Duong next to Dong Nai. The plant has the capacity to process 50 million chickens each year in the first phase and 100 million in the second phase.
The company is an integrated agro-industrial and food subsidiary of Thailand’s C.P. Group.
Electronics Vietnam Thai Nguyen (SEVT), Samsung Electronics Vietnam (SEV), Samsung Displays Vietnam
Samsung is one of the biggest foreign companies operating in Vietnam. About 60% of Samsung smartphones worldwide are made in Vietnam, where Samsung Electronics Vietnam (SEV) plays a key role in the Korean tech giant’s Vietnam ecosystem.
Located in Bac Ninh near Hanoi, SEV operates two factories manufacturing smartphones and other electronics. SEV began operations in April 2009 and marked its milestone of making 800 million mobile phones in July 2022 in the province. Samsung Displays Vietnam has a factory in the same province.
Electronics Vietnam Thai Nguyen (SEVT) runs two electronics factories in Thai Nguyen, also near Hanoi. The Samsung subsidiary built the first plant in 2013, launched it one year later, then gradually went on to construct the second. SEVT held a ceremony in December 2020 to celebrate its result of exporting 700 million products.
Heineken Vietnam
The Ho Chi Minh City-headquartered brewery is a joint venture between Dutch brewing company Heineken and HCMC’s Saigon Trading Group. The company grew from its first brewery in HCMC in 1991 to six nationwide with over 3,000 employees today, according to its data.
The firm offers a wide product portfolio with several brands like Heineken, Tiger, Larue, Bivina, Bia Viet, Strongbow, and Edelweiss. Many of its beers are made exclusively for the domestic market.
Hitachi Astemo Hanoi
The company manufactures motor vehicles, as well as parts and accessories for motor vehicles. It was established in March 2008 in Thang Long Industrial Park in Hanoi.
It is part of Hitachi Astemo, a global automotive technology company incorporated in 2021 by the merger of Hitachi Automotive Systems with Honda’s Keihin, Showa and Nissin Kogyo groups.
According to the Hitachi Astemo website, the global firm has three companies in Vietnam, namely Hitachi Astemo Hanoi, Hitachi Astemo Hung Yen, and Hitachi Astemo Vinh Phuc, all in the northern region.
Unilever Vietnam
Established in 1995, Unilever Vietnam has become one of the most successful corporations in the country’s fast-moving consumer goods industry.
The HCMC-based company has since 2010 been taking action through the parent company’s Unilever Sustainable Living Plan to help Vietnamese residents improve their health and well-being.
Toyota Vietnam
A leader in terms of market share in the country, the Japanese carmaker was one of Vietnam’s first auto joint ventures. Toyota Motor Vietnam (TMV) was founded in September with $89.6 million in investment by Japan’s Toyota (70%), Vietnam Engine and Agriculture Machinery Corp. (20%), and Kuo Singapore Pte.Ltd (10%).
TMV operates a 70,000-car-per year factory in Vinh Phuc province, employing about 1,500 people, according to its website. The carmaker is seen as one of the most successful foreign companies in Vietnam.
Suntory Pepsico
Suntory Pepsico Vietnam is 100% owned by PepsiCo Inc. in the U.S. and Japan’s Suntory Holdings Limited.
The HCMC-headquartered company provides a wide range of products including foods, not just drinks, as PepsiCo is a global food and beverage multinational.
Top 10 foreign-invested taxpayers in Vietnam 2021
1- Honda Vietnam
2- C.P. Vietnam
3- Samsung Electronics Vietnam Thai Nguyen
4- Heineken Vietnam
5- Samsung Electronics Vietnam
6- Hitachi Astemo Hanoi
7- Toyota Vietnam
8- Samsung Displays Vietnam
9- Unilever Vietnam
10- Suntory Pepsico Vietnam