The 5 largest tax-paying businesses in Thanh Hoa province

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In 2023, Thanh Hoa province collected a total budget revenue of 43,279 billion Vietnamese dong. Of this amount, domestic revenue accounted for over 26,000 billion dong, while revenue from exports and imports reached nearly 17,000 billion dong.

Among them, just the top 5 large enterprises contributed over 23,000 billion dong to the budget, accounting for 53% of the total provincial budget revenue. Within the top 5 tax-paying enterprises in the province, there are 3 foreign-invested enterprises, one domestic private enterprise, and one state-owned enterprise.

Nghi Son Refinery and Petrochemical Complex

Ranking first is the Nghi Son Refinery and Petrochemical Complex. In 2023, despite a 48-day shutdown for overall maintenance, the company successfully produced nearly 7.6 million tons of various products, exceeding the production plan and contributing approximately 820 million USD (equivalent to nearly 20,000 billion dong) to the budget. With stable operations after maintenance and active restructuring plans being implemented, the refinery is expected to create new job opportunities and increase revenue for the provincial budget.

In 2022, this company contributed over 23,000 billion dong to the local budget, including over 16,000 billion dong from crude oil imports and nearly 7,000 billion dong from domestic taxes.

The Nghi Son Refinery and Petrochemical Complex is a joint venture between Petro Vietnam, Kuwait Petroleum International, Idemitsu Kosan (Japan), and Mitsui Chemicals (Japan). This project has a total investment of over 9 billion USD and a capacity of 8.4 million tons of crude oil in the initial phase, which can be upgraded to 10 million tons per year.

Ranking second, after the Nghi Son Refinery and Petrochemical Complex, are two thermal power plants with a total designed capacity of 11.4 billion kWh per year. These two enterprises at the Nghi Son Thermal Power Center, with nearly 80% increase in total output compared to the same period, have also contributed billions of dong to the state budget. Among them, Nghi Son 2 Power Company Limited contributed 1,148 billion dong.

Nghi Son 2 Power Company Limited (NS2PC) has an investment capital of approximately 2.8 billion USD, with Korea Electric Power Corporation (50%), Marubeni Corporation (40% – Japan), and Tohoku Electric Power Co., Inc (10% – Japan) as investors. It was established under Vietnamese Enterprise Law.

To construct the BOT Nghi Son 2 Thermal Power Plant from 2018 to 2022, with a capacity of 1,200 MW and an annual output of 7.8 billion kWh, supplying electricity to over 6 million households, NS2PC will hand over the plant to EVN for continued operation after 25 years of operation.

Ranked third among the largest tax-paying businesses in Thanh Hoa is VAS Nghi Son Corporation Joint Stock Company.

Despite the challenges faced by the steel industry in the past year, VAS Nghi Son Corporation contributed 1,072 billion Vietnamese dong to the provincial budget. Along with maintaining and expanding traditional markets, VAS steel products have also entered new markets such as the United States, Japan, Guatemala, positioning the brand and increasing the consumption volume for the company.

Currently, Nghi Son Steel Rolling Refinery No. 2, with a capacity of 3 million tons per year and a total investment of nearly 8,000 billion dong, is in the final stage of completion. It is expected to increase revenue for the province in the coming years. According to the company representative, alongside achieving annual business targets, fulfilling budgetary obligations is always a priority for the company as it reflects credibility and affirms the brand’s effectiveness in business activities.

Ranked fourth among the largest tax-paying businesses in Thanh Hoa is Thanh Hoa Cigarette Manufacturing and Trading Limited Liability Company. In 2023, this company contributed 671 billion dong to the state budget. In the previous year, 2022, the company contributed 620 billion dong to the budget.

Ranked fifth among the largest tax-paying businesses in Thanh Hoa is Nghi Son Cement Company. Nghi Son Cement Company was established on April 11, 1995, as a joint venture between Vietnam Cement Corporation (Vicem), Taiheiyo Cement Corporation, and Mitsubishi Materials Corporation – reputable multinational corporations from Japan. The project has a total investment of 650 million USD.

In 2023, this company contributed over 180 billion dong to the state budget.

In addition to the above-mentioned businesses, there are many other major contributors who have paid hundreds of billions of dong to the state budget in Thanh Hoa province. Among them, two state-owned enterprises are Bim Son Cement Joint Stock Company and Thanh Hoa Beer Joint Stock Company.

Furthermore, some traditional businesses such as packaging, textiles, and leather shoes have overcome difficulties to maintain production and generate significant revenue. For example, Nghi Son 1 Thermal Power Company contributed 112 billion dong, Dai Duong 1 Cement Plant contributed 142 billion dong, Northern Vietnam Vegetable Oil Company Limited contributed 152 billion dong, and Vietnam Dairy Products Joint Stock Company – Lam Son Milk Refinery contributed 113 billion dong to the provincial budget.