State budget revenue surges, nears 30% of annual target

Central budget revenue stood at 28.04% of the target, while local budget revenue hit 30.46%. By March 12, total revenue had climbed to 528.3 trillion VND, marking a 141.1% year-on-year increase, the highest recorded in the first two months of any year.

Mai Xuan Thanh, Director of the Department of Taxation under the Ministry of Finance, attributed the sharp rise to exceptional gains from banking surpluses, dividends, land-related income, and lottery proceeds. Land revenue, while accounting for just 15.8% of total collections, posted the highest growth among all sources.

Vietnam’s state budget revenue reaches 574.4 trillion VND (22.5 billion USD) as of March 11. (Photo: VNA)

In contrast, revenue from import-export activities totaled 61.3 trillion VND, representing 14.9% of the annual target and 13.04% of the government’s projection. However, its growth remains sluggish and has yet to meet the government’s monthly target.

Minister of Finance Nguyen Van Thang called the early-year budget performance encouraging. While spending in January was lower than the same period last year, February saw an upward shift, bringing total expenditures in the first two months to 293.8 trillion VND, equaling 11.5% of the budget estimate and rising 13.2% year-on-year.