State budget collection up 14 percent in five months
Total State budget collection in the first five months of this year was estimated at 508.6 trillion VND (21.86 billion VND), fulfilling 43.5 percent of the estimate and up 14.1 percent year-on-year, the General Department of Taxation (GDT) reported.
As of May 31, 2019, tax agencies collected 13.39 trillion VND (575.77 million USD) in overdue tax. (Photo: VNA)
Hanoi (VNA) – Total State budget collection in the first five months of thisyear was estimated at 508.6 trillion VND (21.86 billion VND), fulfilling 43.5percent of the estimate and up 14.1 percent year-on-year, the GeneralDepartment of Taxation (GDT) reported.
CaoAnh Tuan, GDT deputy head, said at a press conference in Hanoi on June 14 that duringthe reviewed period, production and services sectors saw good growth, inflationwas curbed and trade balance was maintained.
Besides,achievements in foreign investment attraction, the stable financial-monetarymarket and the recovery of consumption demand have helped to spur nationaleconomic growth.
Budgetrevenue from crude oil exceed 23.37 trillion VND (1 billion VND), equivalent to52.4 percent of the estimate and 97.5 percent of the figure recorded in thesame period last year, Tuan said.
Domesticrevenue went up 15 percent year-on-year to 485.23 trillion VND (20.86 billionUSD), completing 43.2 percent of the estimate, with remarkable increases recordedin such sectors as production and business, individual income tax and registrationfee.
Centralbudget collection hit 235 trillion VND (10.1 billion USD) while local budgetcollection reached 273.6 trillion VND (11.76 billion USD), representingyear-on-year increases of 20.5 percent and 9.1 percent, respectively.
Asof May 31, 2019, tax agencies collected 13.39 trillion VND (575.77 million USD)in overdue tax, Tuan added.
Onlinetax declaration service has been carried out in all cities, provinces and branchesof the GDT, with 99.98 percent of businesses using the service.
Thetax sector has coordinated with more than 50 commercial banks and provincialtax agencies to implement online tax payment and encourage enterprises to usethe service. As a result, 99.93 percent of enterprises registered for theservice. -VNA
The National Assembly has issued a resolution on State budget estimates for 2019, in which total State budget collection will likely reach over 1.411 quadrillion VND (60.67 billion USD), while the total spending will hit more than 1.633 quadrillion VND.
State budget collection was estimated to reach almost 1.4 quadrillion VND ND (60.2 billion USD) this year, 6 percent higher than the estimate, Minister of Finance Dinh Tien Dung told a teleconference between the government and localities cities in Hanoi on December 28.
The financial sector collected over 1,400 trillion VND (60.2 billion USD) towards the State budget in 2018, or 7.8 percent higher than projected, heard a conference to review financial and budget works in 2018 and put forward tasks for 2019.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
As of May 31, 2019, tax agencies collected 13.39 trillion VND (575.77 million USD) in overdue tax. (Photo: VNA) 
