State budget revenue up nearly 26 per cent in first two months

State budget revenue up nearly 26 per cent 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.

People pay tax at the Thái Bình Province's Tax Department. — Photo baothaibinh.com.vn

Việt Nam’s state budget revenue was estimated at VNĐ499.8 trillion (approximately US$19.55 billion) in the first two months of 2025, reaching 25.4 per cent of the projection and soaring 25.7 per cent 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 per cent of their targets, while 48 localities recorded year-on-year revenue growth.

Enhanced tax administration, inspections and audits resulted in financial settlements worth VNĐ6.2 trillion, with VNĐ1.5 trillion collected for the state budget. Additionally, tax reductions and loss adjustments totalled nearly VNĐ4.7 trillion.

Meanwhile, tax and fee exemptions and reductions provided significant relief to businesses and individuals, amounting to some VNĐ15.7 trillion in the first two months.

As per the National Assembly’s resolution on the 2025 state budget estimate, total revenue is projected to reach VNĐ1.97 quadrillion.

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. 

Bizhub