Although the private sector has increasingly asserted its role in the economy, the 2025 revenue picture showed that State-owned enterprises in the energy and fuel still hold a dominant position.

Four State-owned enterprises – Vietnam National Energy Corporation (Petrovietnam), Vietnam Electricity Corporation (EVN), Vietnam National Petroleum Group (Petrolimex) and Vietnam National Coal and Minerals Group (Vinacomin) – generated more than 1.74 quadrillion VND in revenue, equivalent to about 46% of the total.

PVN topped the ranking with 651 trillion VND in revenue. EVN followed closely with 646 trillion VND.

If considering the private sector separately, Vingroup continued to hold the leading position with 332 trillion VND in revenue. The figure is larger than the combined revenue of many banks on the list and many times greater than the revenue of some leading technology corporations.

Following Vingroup is Viettel with 220 trillion VND in revenue. The gap of over 100 trillion VND between Vingroup and Viettel shows that currently, not many businesses outside the energy sector are capable of reaching a revenue threshold of over 300 trillion VND.

Nearly one-third of the representatives on the list (seven out of 23 businesses) are banks, Agribank, BIDV, Vietinbank, VPBank, Vietcombank, MB and Techcombank.

The appearance of private businesses in the retail and manufacturing sectors in the list is notable.

Specifically, retailer Mobile World Group (MWG) and steel producer Hòa Phát both achieved a revenue of 156 trillion VND. This revenue level is equivalent to many large State-owned banks and far exceeds most listed companies on the stock market.

For MWG, the scale of revenue reflects the strength of its nationwide retail network. Meanwhile, Hòa Phát continues to maintain its position as Vietnam's largest private industrial manufacturing enterprise with its ecosystem encompassing steel, agriculture and real estate./.