HCMC – Vietnam’s state budget revenue had amounted to VND574.4 trillion in the year to March 11, rising by 38.2% year-on-year and accounting for 29.2% of the full-year target, according to the Ministry of Finance.
At a recent meeting reviewing fiscal policy implementation in February and outlining plans for March, the ministry reported that central government revenue had reached 28.04% of its target, while local government revenue stood at 30.46%.
The General Department of Taxation noted that as of March 12, tax collections had totaled over VND528.3 trillion, equivalent to 30.7% of the 2025 target and surging 141.1% year-on-year—the highest revenue recorded in the first two months of any year.
The sharp increase in collections was primarily driven by significant gains in key revenue streams, including bank profit margins, dividends, land-related income, and lottery proceeds. Notably, land-related revenue, while comprising only 15.8% of total collections, recorded the highest growth among all categories.
Meanwhile, import-export revenue for the first two months stood at VND61.3 trillion, reaching 14.9% of the annual target and 13.04% of the Government’s projected goal. However, this figure remains below the Government’s expected monthly revenue target.
The General Department of Vietnam Customs attributed part of the shortfall to declining oil prices. The Government’s revenue estimates were based on an oil price of around US$80 per barrel, but current prices have dropped to approximately US$70 per barrel.
To meet revenue targets, customs authorities have been directed to streamline administrative procedures, reduce costs for businesses, and strengthen anti-smuggling and fraud prevention measures. Efforts are also being intensified to address fraudulent declarations related to product classification, valuation, and origin.
