Total revenue managed by tax authorities reached approximately 2.15 quadrillion VND (81.7 billion USD) as of December 14, exceeding the estimate by 25% and fulfilling the State budget revenue task in line with the Prime Minister’s directives.

Illustrative image.

The figures were released by the Department of Taxation at a review conference held in Hanoi on December 24.

It is estimated that by December 31, revenue managed by tax authorities will surpass 2.24 quadrillion VND, exceeding the target assigned by the National Assembly by 30.1% and rising by 27.6% compared to 2024.

Of this amount, domestic revenue is estimated at over 2.19 quadrillion VND, accounting for around 98% of total revenue, exceeding the estimate by 31.4% and increasing by 29.3% year on year.

Notably, all of the 34 localities nationwide have met and exceeded their assigned State budget revenue targets. This also marks the first time that revenue managed by tax authorities has surpassed the 2 quadrillion VND threshold.

Among these, Hanoi recorded 631 trillion VND, while Ho Chi Minh City collected 606 trillion VND, surpassing their estimate by 32.1% and 20.8%, respectively.

According to the Department of Taxation, total state budget revenue for the entire 2021-2025 period is estimated at more than 9.75 quadrillion VND, exceeding the target set by the legislature by 17.5%.

The average mobilisation rate into the State budget reached around 18.5% of GDP, while average annual revenue growth stood at 10.8%.

In terms of local revenue structure, two localities recorded collections of over 2 quadrillion VND, namely Hanoi and HCM City; eight collected more than 200 trillion VND; and nine recorded revenues of over 100 trillion VND to 200 trillion VND.

The structure of budget revenue has continued to shift in a more sustainable direction, with the proportion of domestic revenue on the rise. During the 2011-2015 period, domestic revenue accounted for around 81% of total budget revenue.

This rose to 82.1% in the 2016-2020 period and reached approximately 86% during 2021-2025. In 2025 alone, the proportion was estimated at 86.6%, up sharply from 82.3% in 2021.

Notably, this year, the tax sector also recovered 65.01 trillion VND in outstanding tax debts, an increase of 3.3% compared to 2024 and 2.6 times higher than in 2021.

MoST drafts criteria for tax incentives for electronic equipment manufacturers

According to the draft, enterprises that wish to receive corporate income tax incentives must meet the specific criteria where revenue from electronic equipment manufacturing accounts for at least 70% of the enterprise's total revenue.

 

NA Standing Committee approves personal income tax deduction adjustments

Most legislators supported the second option where personal income tax deduction adjustment will base on per capita income and GDP growth. Under this plan, the deduction for taxpayers would increase to around 15.5 million VND per month, and to 6.2 million VND per month per dependent.

 

Vietnam enhances dialogue on tax, customs policies with Korean businesses

Ambassador of the RoK to Vietnam Choi Young Sam highlighted that the tax and customs dialogue, launched in 2008, has served as a valuable platform for the Vietnamese Government and Korean enterprises to directly discuss difficulties and propose policy improvements.

 

New laws on innovation, corporate income tax enacted from October 1

The Law on Science, Technology and Innovation, and the Law on Corporate Income Tax will take into effect on October 1.

 

Vietnam's top taxpayers power economy with hefty contributions

The top ten included four State-owned enterprises – Petrovietnam, Viettel, Petrolimex and Vinacomin; four foreign direct investment firms – Heineken, NSRP, Toyota and Vietsovpetro; and two private companies – Vingroup and THACO. Each contributed more than 20 trillion VND.

 

NA resolutions on tuition and agricultural land tax exemption, universal preschool education passed

The resolution on tuition exemption and support in the national education system was approved with 440 out of 441 deputies present voting in favour. It takes effect from the date of its adoption and will be applied starting from the 2025–2026 academic year.