Việt Nam's budget revenue surpasses targets in first half of 2024

In 2024, total tax deferrals and land rent deferrals, including VAT, corporate income tax, personal income tax, and special consumption tax on domestically produced or assembled cars, are projected to reach approximately VNĐ92.5 trillion.

Việt Nam's state budget revenue for the first half of 2024 exceeded targets by 15.3 per cent, reaching approximately VNĐ865.3 trillion, equivalent to 58.2 per cent of the annual forecast, according to the General Department of Taxation.

Revenue from crude oil was estimated at VNĐ29.7 trillion, meeting 64.5 per cent of the target and representing 95.2 per cent of the same period last year. Domestic revenue was estimated at VNĐ835.6 trillion, reaching 58 per cent of the target and 116.2 per cent year-on-year. Notably, domestic taxes and fees increased by 12.1 per cent compared to the same period last year.

Thirty-two out of 63 localities achieved over 55 per cent of their revenue targets, including Hải Phòng, Hòa Bình, Hà Tĩnh, Thanh Hóa, Nghệ An, Đà Nẵng, Hải Dương, Long An, Tiền Giang, Hưng Yên, Ninh Thuận, and Nam Định.

Đoàn Xuân Toản, Chief of Office at the General Department of Taxation, said “Overall, tax revenue for the first six months of this year was substantial, with 12 out of 21 revenue categories and 30 out of 63 localities surpassing 55 per cent of their targets.”

In 2024, total tax deferrals and land rent deferrals, including VAT, corporate income tax, personal income tax, and special consumption tax on domestically produced or assembled cars, are projected to reach approximately VNĐ92.5 trillion.

Support measures, such as extending a 2 per cent reduction in VAT rates for the first half of 2024 and reducing environmental protection taxes on gasoline, oil, and lubricants, have continued to aid financial resources for businesses and individuals, maintaining the momentum for economic recovery and generating increased revenue for the state budget.

The General Department of Taxation reported that in the first half of 2024, an additional 26 new foreign suppliers registered, declared, and paid taxes in Việt Nam through the electronic portal for foreign suppliers. Cumulatively, 102 foreign suppliers from countries such as the United States, the Netherlands, South Korea, Singapore, Hong Kong (China), Ireland, Switzerland, Australia, and the United Kingdom have registered and paid taxes through the portal, with a total tax amount of VNĐ4 trillion, up 18.5 per cent year-on-year.

Moreover, 383 e-commerce platforms have provided information on the electronic commerce portal, an increase of 22 platforms compared to the end of 2023.

Efforts to build a digital map of business households, land prices, real estate transaction prices, and mineral resources continue. Additionally, the tax authority has been reviewing and standardising individual tax code data integrated with the National Public Service Portal to enhance revenue management.

The General Department of Taxation has implemented a nationwide digital map for business households since July 2023. As a result, all fixed-tax business households are now publicly listed on the digital map, with 31,838 additional business households brought under management, resulting in an additional tax revenue of VNĐ12.7 billion.