Revenue collection in the state has risen by 24.5% within the initial five-month period.
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Here's a fun little twist on the economic news that's been buzzing around – the massive surge in tax collection! It seems our financial wizards have cooked up a whopper of a budget estimate for the year 2025, reaching an astounding VNĐ1.14 quadrillion (~$43.76 billion) – that's a cool 24.5% rise year-on-year, as reported by the Ministry of Finance (MoF).
Domestic tax revenue stands tall at a hearty VNĐ987.5 trillion, accounting for 59.2% of the estimate. The jump? A hefty 27.6% over last year. Let's dig into a few juicy nuggets from the Loose Change Department, headed by Director Mai Xuân Thành.
Goods and services tax revenue soared by 18.3% compared to 2024, demonstrating a robust comeback of production and business activities. But the real eye-catcher is the 247% surge in land and land use fees. Now, that sure sounds like a robust real estate market! The oil and gas sector also contributed a whopping 87.9% of the planned revenue.
The small fries, a.k.a business households, powered up their coffers by 26%, while the e-commerce crew raked in a 55% increase. Talk about online shopping madness!
Customs Director Nguyễn Văn Thọ chimed in, highlighting the customs sector's proactive efforts to enhance legal institutions, aid businesses, boost budget collection, and champion digital transformation. The sector made sure to put a damper on smuggling and fraud schemes, too. Such gallant customs work helped pump up export turnovers by a solid $300-500 million. Now that's some well-deserved kudos for the customs squad!
As for expenditures, the MoF reported an accumulated expenditure of VNĐ833.8 trillion (~$32.7 billion), up 27.7% over the same period in 2024. Development investment expenditure stood at around VNĐ199.3 trillion (~$7.63 billion), representing 25.2% of the estimate rubber-stamped by the National Assembly.
With a disbursement rate of 24.1%, the public investment flow was buzzing more efficiently compared to last year. As of May 31, the total disbursed public investment capital soared to VNĐ209.7 trillion (~$8.12 billion).
Before you dive into that directory of tax forms, here's a bit of background. Although tax revenue has shot up, proposed legislative actions in 2025 basically aim to CUT federal tax revenue rather than boost it. Hmm, funny business, isn't it? If there's any increase in tax revenue, it'd likely be thanks to the broader economic climate rather than legislative moves. Guess we'll have to keep a keen eye on that jazzy economy!
A citizen fills out a tax form. In the first five months, domestic tax revenue was estimated at VNĐ987.5 trillion, equivalent to 59.2 per cent of the estimate and up 27.6 per cent year-on-year. - Photo thanhtra.com.vn
- The substantial increase in tax collection in 2025, as reported by the Ministry of Finance (MoF), could potentially be influenced by AI-driven financial predictions and analyses in the business sector, contributing to a more robust economic climate.
- Director Mai Xuân Thành from the Loose Change Department highlighted a significant surge in land and land use fees, indicating potential growth in the real estate trade due to increased AI investment and digitalization in the business environment.
- Customs Director Nguyễn Văn Thọ emphasized the customs sector's dedication to enhancing legal institutions, aiding businesses, and championing digital transformation - all areas where AI technologies could play a crucial role in streamlining processes and improving efficiency in finance and commerce.
