HCMC – Vietnam’s state budget revenue picked up by 16.3% year-on-year in the first 10 months of this year to an estimated VND1.4 quadrillion, or 94.8% of the annual target set by the National Assembly, the General Department of Taxation said on November 7.
Of the 20 key revenue sources and taxes, 17 performed well, with significant contributions from the non-state economic sector, personal income tax, fees, land and water surface rentals, and lottery revenue, all of which met or exceeded targets.
Regionally, 38 out of 63 provinces and cities surpassed 88% of their revenue targets. A total of 55 localities reported revenue growth, while eight saw a slight dip compared to the same period last year.
To support economic recovery, tax authorities have implemented tax relief measures, including exemptions, reductions, and extensions for both businesses and individuals. These incentives, valued at an estimated VND133.9 trillion, are designed to boost business activity and economic growth.
E-commerce tax revenue saw strong growth, with businesses and individuals in the sector contributing about VND94.6 trillion in taxes, a 17% increase from last year. Vietnam’s e-commerce sector includes 412 active online platforms and nearly 191,000 businesses and individuals, generating almost VND72 trillion in transactions.
The online tax portal for foreign suppliers has also been active, with 116 foreign suppliers registered and paying nearly VND19.8 trillion in taxes.
As the year draws to a close, Vietnam’s tax authorities are intensifying efforts to maximize revenue, focusing on enhanced tax administration, combating evasion, streamlining processes, and prioritizing debt collection and tax refunds to maintain fiscal discipline.
