HCMC – Vietnam’s tax revenue has reached an all-time high of VND1.7 quadrillion this year, rising by 13.7% over 2023, the General Department of Taxation said at a conference held today, December 19.
As of December 18, total tax collections had amounted to VND1.73 quadrillion, surpassing the full-year target by 16.5%. Domestic revenue accounted for over VND1.44 quadrillion, with 60 out of 63 provinces beating their projected goals, the Vietnam News Agency reported.
Nineteen of 20 tax categories exceeded budget targets, while 16 showed year-on-year growth. Sixty-one of 64 provincial tax departments met or exceeded their collection targets for the year.
The 2024 budget target was set at nearly VND1.5 quadrillion, including VND46 trillion from crude oil and VND1.44 quadrillion from domestic sources.
In the 2021-2024 period, total state budget revenue is estimated at VND7.2 quadrillion, achieving 86.55% of the 2021-2025 target of VND8.3 quadrillion. Tax collections during this period totaled VND6.1 quadrillion, exceeding projections by 19%, with an average annual growth rate of 8.6%.
Deputy General Director Mai Son said total revenue for the five-year period could reach VND9 quadrillion, VND700 trillion above the National Assembly-approved target. Tax contributions are projected to account for 16-17% of GDP.
