Total state budget collection in the first five months of 2024 was estimated to reach VND898.4 trillion (US$35.2 billion), equivalent to 52.8 percent of the yearly estimate, representing a year-on-year rise of almost 15 percent, according to the Ministry of Finance (MoF).

Of the sum, collection from crude oil was about VND24.7 trillion, equal to 53.6 percent of the estimate and equal to the figure in the same period last year, while domestic revenue was estimated at VND757.5 trillion, equivalent to 52.4 percent of the estimate and up 16.8 percent year-on-year, the ministry reported.

Particularly, revenues from housing and land taxes and fees were estimated at VND90.6 trillion, equivalent to 35.2 percent of the estimate, up 78.2 percent over the same period last year. It is attributable to the fact that localities have well organised land auctions and allocated land to projects since the end of 2023, generating land use fee payments in early 2024.

According to the MoF, a surge in domestic revenues reflected an economic recovery. The implementation of policies on the exemption and reduction of taxes, fees and charges have left positive impacts on the performance of businesses and state budget collection as revenues from three economic sectors was estimated to reach 54.1 percent of the estimate, a year-on-year increase of 12.7 percent.

Minister of Finance Ho Duc Phoc said that in the coming time, the finance sector will continue to roll out measures to collect enough state budget revenue for the whole year. Accordingly, state budget revenue management agencies will continue to strengthen revenue management, inspection and sources, prevent revenue loss, especially relating to real estate business activities, financial service activities, banking, restaurants, hotels, e-commerce, and trade on cross-border digital platforms.

At the same time, the tax sector will inspect and strictly control value-added tax refunds, ensuring its compliance with the provisions of laws, focusing on promoting digital transformation, modernising tax collection, and expanding the implementation of e-invoices, the minister added.