State budget revenue up nearly 26% in first two months
The Ministry of Finance attributed the strong performance to solid economic growth in 2024, which drove up corporate income tax and value-added tax collections.
Vietnam’s state budget revenue was estimated at 499.8 trillion VND in the first two months of 2025. (Photo: VNA)
Hanoi (VNA) - Vietnam’s state budget revenue was estimated🐻 at 499.8 trillion VND (approximately 19.55 billion USD) in the first two months of 2025, reaching 25.4% of the projection and soaring 25.7% year-on-year.
The Ministry of Finance attributed the strong performance to solid economic growth in 2024, which drove up corporate income tax and value-added tax collections.
Notably, 37 out of the 63 localities reported domestic revenue exceeding 20% of their targets, while 48 localities recorded year-on-year revenue growth.
Enhanced tax administration, inspections, and audits resulted in financial settlements worth 6.2 trillion VND, with 1.5 trillion VND collected for the state budget. Additionally, tax reductions and loss adjustments totaled nearly 4.7 trillion VND.
Meanwhile, tax and fee exemptions and reductions provided significant relief to businesses and individuals, amounting to some 15.7 trillion VND in the first two months.
As per the National Assembly’s resolution on the 2025 state budget estimate, total revenue is projected to reach 1.97 quadrillion VND.
To meet this goal, the Ministry of Finance has directed tax and customs authorities to ramp up revenue management and strictly enforce collection measures. The sector is also implementing government policies to ensure the effective realisation of budget targets.
Looking ahead, the financial sector will continue to refine and propose policies on tax and land rent deferrals and reductions, ensuring timely and effective support for taxpayers./.
Vietnam's total state budget revenue for 2024 is projected to surpass 2.02 quadrillion VND (approximately 79.24 billion USD), marking an increase of 19.1% compared to the estimate, according to the Ministry of Finance.
Hanoi’s total state budget revenue from January-November reached 447.2 trillion VND (17.6 billion USD), surpassing the yearly estimate by 9.5% and marking an 18.3% year-on-year increase, according to the municipal People’s Committee.
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