Revenue collection increased by 10.4% over the same period in 2023

Continue to implement tax and fee support packages for businesses and people

According to the Ministry of Finance, in the first two months of 2024, revenue collection is estimated to reach VND399.4 trillion, equal to 23.5% of the current appropriation (the central budget is estimated to reach 25.2%; the local budget is estimated to reach 21.7%), an increase of 10.4% over the same period in 2023.

Accordingly, domestic revenue is estimated at VND355.8 trillion, equalling 24.6% of the current appropriation, an increase of 14.6% compared to the same period in 2023; revenue from crude oil is estimated at VND9.7 trillion, equalling 21.2% of the current appropriation, declining 2.6% over the same period in 2023. Balanced revenue from import and export activities in 2 months is estimated at VND33.8 trillion, equivalent to 16.6% of the current appropriation based on total tax revenue estimated at VND56.6 trillion, equal to 15.1% of the current appropriation, dropping 2.1% over the same period in 2023; VAT refund following the regime is about VND22.8 trillion, equal to 13.3% of current appropriation.

Regarding budget spending, accumulated spending for two months is estimated to reach VND270.7 trillion, equal to 12.3% of the current appropriation, increasing 7.7% over the same period in 2023. In particular, development investment spending is estimated to reach nearly VND60 trillion, equal to 8.9% of the current appropriation decided by the National Assembly, the disbursement rate reached 9.13% of the development investment capital plan assigned by the Prime Minister; debt and interest payments are estimated to reach 23% of current appropriation; current expenditure is estimated to reach 13.9% of current appropriation.

Speaking at the briefing conference, Director General of Vietnam Customs Nguyen Van Can said that the Customs sector's revenue collection in February was lower than the collection result in January, and the total revenue in 2 months decreased compared to the same period in 2023. This result is consistent with the growth rate of import-export turnover in the first two months of the year.

According to the Director General of Vietnam Customs, in the first two months of the year, besides revenue collection tasks, the Customs sector continued to promote the fight against smuggling and trade fraud, focusing on drug prevention. According to data from the General Department of Vietnam Customs, accumulated from December 16, 2023 to February 15, 2024, the Customs sector chaired and coordinated with the Police and Border Defence forces to detect and arrest: 67 cases/61 subjects. In particular, the Customs agency chaired 30 cases. Evidence includes 11.35 kg of marijuana; 17.8 kg of heroin; 43 kg and 900 ketamine tablets; 145.89 kg and 03 synthetic drug pills; 3.99 grams and 50 other drug pills.

According to Mr. Phi Van Tuan, Deputy Director of the General Department of Taxation, the tasks of the General Department of Taxation in 2024 were implemented right from the beginning of the year and were concretized early with 755 detailed tasks, spread over each month and quarter. According to statistics, state revenue in the first two months of the year reached VND362 trillion. In parallel with the collection task, the Tax agency continues to implement a tax and fee support package for businesses and people, of which more than VND6,200 billion was supported in January and VND5,900 billion in February.

Need to focus on revenue collection task

Regarding tax refund work, the leader of the General Department of Taxation said that since January, the General Department of Taxation has paid attention to risky areas and strengthened the work of ensuring benefits for businesses, while strengthening inspection and supervision. Inspecting and ensuring correct reimbursement for businesses. Accordingly, in 2 months, the Tax Agency has refunded more than VND21 trillion, reaching over 13% of the amount implemented in 2024.

At the Conference, Chairwoman of the State Securities Commission Vu Thi Chan Phuong also said that in February, the stock market held 16 trading sessions, ensuring safety, with a value of VND20,000 billion/session, the price increased by 22% compared to the same period in 2023. According to Mrs. Phuong, monitoring the trading sessions, it shows that although the market increased, there was no unusual increase, no hot-rising codes, it took place quite stably.

Speaking at the Conference, Minister Ho Duc Phoc said that the National Assembly Standing Committee will hold a question session for the Minister at the 31st Session, therefore, the Minister requests the units to urgently prepare carefully to give appropriate answers for the issues that the National Assembly Standing Committee and voters are concerned, especially voters' recommendations. Regarding the work of perfecting the law, the Minister emphasized that units continue to focus on completing draft amendments to Laws such as the Law on Management and Utilization of State Capital invested in the enterprise’s manufacturing and business activities; Law on Special Consumption Tax; Corporate Income Tax; Value-Added Tax... In particular, regarding the proposed VAT Law to be promulgated this year, the Minister requested to concentrate on the issue of limiting fake invoices and taking advantage of tax refunds for profiteering in this Law.

Along with that, the Minister also requested to immediately implement the Decree implementing Resolution No. 107/2023/QH15 on the application of additional corporate income tax under regulations on preventing global tax base erosion.

The Minister emphasized that the information technology system of the Finance sector in general and Taxation, Customs, and Treasury in particular need to continue to improve to meet task requirements in the current period. Information technology projects, especially tax databases, need to be fully and digitized as soon as data is entered. Specifically directing key tasks, the Minister required the entire Tax sector to focus on tax collection management on domestic e-commerce platforms and the issue of buying and selling electronic invoices, accordingly, ensuring to follow legal regulations on tax rates, declaration methods, collection methods, etc., and at the same time, it is necessary to coordinate between branches in handling cases of violation.

The Minister also stressed that in an increasingly difficult economic context, while the collection task becomes increasingly difficult, the Tax sector needs to focus on revenue collection and promote revenue management, and tax refunds must be managed by technology. It must be individualized by responsibility;... Regarding the securities sector, the Minister noted that it is necessary to strengthen inspection, supervision, and strict management of the issuance of bonds to public and private corporate bonds; monitor unusual issues, and review and manage risks to strictly handle them to establish a healthy market. At the same time, drastically coordinated with the Police to handle violations.