As of December 27, state budget collection had already exceeded 1.99 quadrillion VND, reaching 117.4% of the target for the year. Of this, domestic revenue accounted for 115.2% of the estimate, that from crude oil hit 126.2%, and import-export revenue reached an impressive 134.2%.

Illustrative photo.

Meanwhile, total state budget expenditure for 2024 is expected to be approximately 1.83 quadrillion VND, or 86.4% of the estimate. Spending on development investment is forecqast to hit 78.1% of the goal approved by the National Assembly and 77.5% of the plan set by the Prime Minister.

Regular expenditures, including those for national defence, security, and social welfare, are estimated at around 94.5% of the projected figure.

The finance ministry emphasised that the balance between the central and local budgets has been maintained. Despite these expenditures, the state budget deficit is projected to be about 3.4% of GDP, 10 trillion VND lower than originally estimated.

The Ministry of Finance has managed government bond issuance efficiently to meet funding requirements, ensuring that the state's budget plan is executed and debts are repaid on schedule.

In 2024, 330.4 trillion VND worth of goverment bonds were issued, achieving 82.59% of the initial target. These bonds have an average maturity of 11-12 years and an average annual coupon rate of 2.52%.

By year-end, Vietnam’s public debt stood at around 36-37% of GDP, with government debt accounting for approximately 33-34% of GDP. The government's debt repayment obligation made up 20-21% of state budget revenue, well below the ceiling level set by the National Assembly.

Vietnam's national credit rating remains strong, supported by effective economic management, robust export growth, continued foreign investment, and controlled public debt.

All three major rating agencies—S&P, Fitch, and Moody's—have maintained a positive outlook on Vietnam's credit rating. S&P and Fitch rated Vietnam at BB+, while Moody's rated it Ba2, both with a stable outlook.

Good businesses with high budget contribution

BAC GIANG - Many enterprises in Bac Giang province have recently made efforts in production and business, actively participated in social security activities and well implemented tax policies for the State. Many typical enterprises and businessmen have been commended by the Prime Minister, the Chairman of the Provincial People's Committee and relevant agencies.

Budget revenue from import-export activities up 13.5%

State budget revenue from import-export activities in the first nine months of 2024 reached more than 306 trillion VND (12.4 billion USD), accounting for 81.7% of the set target and increasing 13.5% from the same period last year, the General Department of Vietnam Customs (GDVC) has reported.

Tax sector fulfills nearly 85% of State budget collection estimate

State budget collection has so far reached 85% of this year's estimate, Deputy Minister of Finance Nguyen Duc Chi has reported.

State budget revenue reaches 77.52% of year's estimate in eight months

The total state budget revenue in the first eight months of this year reached more than 1,146 trillion VND, equivalent to 77.2% of the estimate for the whole of this year and 117.9% compared to the figure for the same period last year, according to the General Department of Taxation.

Lang Giang and Luc Ngan districts' budget revenue exceeds annual estimate

BAC GIANG - According to the functional sector, up to this point, Lang Giang and Luc Ngan district in Bac Giang province have exceeded the assigned budget collection for this year.

H1 State budget revenue increases over 17%: MoF

More than 1.038 quadrillion VND (40.9 billion USD) was collected for the State budget in the first half of 2024, equivalent to 61% of this year’s target and up 17.7% from a year earlier, reported the Ministry of Finance (MoF).