Private conglomerates expand economic contributions through jobs, taxes and investments

Private conglomerates expand economic contributions through jobs, taxes and investments

Beyond revenue and profit growth, the scale of these businesses means their activities generate demand for domestic suppliers, create jobs and support investment in sectors requiring substantial capital.

Workers operate equipment at the VinFast manufacturing facility. — Photo courtesy of VinFast

The major private-sector groups recorded strong business growth in 2025 and the first half of 2026, expanding their contributions to State budget revenue, employment and domestic supply chains while investing in industries ranging from manufacturing and banking to consumer goods and services.

Beyond revenue and profit growth, the scale of these businesses means their activities generate demand for domestic suppliers, create jobs and support investment in sectors requiring substantial capital.

In the first half of 2026, Vingroup, the conglomerate associated with billionaire Phạm Nhật Vượng, reported consolidated net revenue climbed 72.5 per cent year on year to VNĐ222.3 trillion (approximately US$8.57 billion), while profit after tax reached VNĐ20.4 trillion (nearly $787 million), 4.5 times the figure recorded a year earlier.

The group's business ecosystem spans property development, electric vehicle manufacturing through VinFast, tourism, hospitality, healthcare and education. Its expansion generates demand across construction, industrial manufacturing, transport, logistics, commerce and services, with further potential for domestic suppliers of components, materials and technical services as industrial production grows.

Vingroup contributed approximately VNĐ148.8 trillion to the State budget in 2025, up 165 per cent from more than VNĐ56.2 trillion in 2024, according to published rankings of private enterprises by budget contributions. Its workforce exceeded 104,000 at the end of the year, an increase of more than 37,000 from 2024.

In basic materials manufacturing, Hoa Phat Group maintained its growth momentum in the first half of 2026, with revenue rising 47 per cent year-on-year to VNĐ108.87 trillion and profit after tax increasing 103 per cent to VNĐ15.48 trillion.

The leading steel producer contributed approximately VNĐ13 trillion to the State budget across 20 provinces and cities in 2025, with most payments linked to steel production and major subsidiaries. Its manufacturing capacity also supplies materials for construction, transport infrastructure and industrial projects, while creating demand for supporting industries.

The banking sector has also recorded strong results. Techcombank reported a profit before tax of VNĐ18.5 trillion in the first half of 2026, up 22.5 per cent year on year, while operating income increased 17.5 per cent to VNĐ28.6 trillion, supported by net interest income and service activities.

At the end of June, the bank's total assets stood at more than VNĐ1.2 quadrillion, while customer deposits reached VNĐ697.4 trillion, illustrating the scale of financial resources it manages and its role in providing capital to the economy.

Workers operate equipment at the VinFast manufacturing facility. — Photo courtesy of VinFast

Techcombank employed nearly 13,000 people in 2025, with an average monthly employee income of around VNĐ47 million. Its contribution to the State budget exceeded VNĐ8.6 trillion that year.

VPBank, another major private-sector lender, reported consolidated operating income of VND43.4 trillion in the first half of 2026, up 35.2 per cent year on year. Profit before tax rose 68 per cent to nearly VNĐ18.9 trillion, while the parent bank recorded profit before tax of approximately VNĐ15.6 trillion.

In 2025, VPBank employed more than 17,500 people, with average monthly employee income exceeding VNĐ33 million. Its contribution to the State budget was nearly VNĐ7 trillion.

Masan Group, which operates across consumer goods, retail and technology materials, reported consolidated net revenue of approximately VNĐ54 trillion in the first half of 2026, supported by its integrated consumer platform and high-tech materials business. 

Masan employed more than 40,000 people, with an average monthly income of approximately VNĐ19 million, and contributed more than VNĐ4.8 trillion to the State budget in 2025.

Its retail subsidiary WinCommerce, which operates the WinMart and WinMart+ supermarket and convenience-store chains, provides market access for consumer goods, food and essential products. By the second quarter of 2026, the network had expanded to 5,141 stores nationwide. 

Bizhub