Vietnam’s state budget revenues have surged in 2024, reaching $81.75 billion—up 20% over initial estimates and 8.4% higher than earlier National Assembly reports. Central and local revenues rose significantly, with local revenues hitting $40.15 billion, excluding land-related income. In the first four months alone, revenues reached $37.76 billion, a 26.3% year-on-year increase. This growth occurred despite fiscal policies supporting businesses, including $7.9 billion in tax and fee reductions and deferrals. Key to revenue gains has been the Ministry of Finance’s digital transformation efforts, such as widespread adoption of electronic tax services. Nearly all businesses now use e-tax declarations, payments, and refunds. The number of electronic invoices issued has exceeded 11.12 billion, with over 1.5 billion from cash registers. Inspections have yielded $800 million in recovered funds. For 2025, revenue targets are set at $81.95 billion, with a fiscal deficit of $24.25 billion (3.8% of GDP), staying within public debt safety thresholds. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam Investment Review