State budget revenue for 2024 nears target

Revenue from real estate increased by nearly 100% over the same period. Illustration photo: H.Anh

According to the Ministry of Finance’s report, October alone saw state budget revenue estimated at VND 178.5 trillion, or 10.5% of the current appropriation, marking an 8.8% rise over the average monthly collection from the first nine months of 2024.

For the first 10 months of the year, cumulative revenue reached an estimated VND 1,654.2 trillion, hitting 97.2% of the current appropriation. This includes central budget revenue, which surpassed the target at 101.7%, and local budget revenue, which reached 92.7% of the target, reflecting a strong year-over-year growth of 17.3%.

Domestic revenue for the 10-month period is estimated at VND 1,377.6 trillion, achieving 95.4% of the current appropriation and posting an 18.1% gain over last year. Excluding specific items such as land use fees, lottery, capital recovery, and dividends, domestic tax and fee collections are estimated to reach 95.9% of current appropriation, a robust increase of 11.8% from the same period in the previous year.

Looking at specific tax categories, the Ministry of Finance reported that revenue from the three primary production and business sectors is estimated at 90.8% of the current appropriation, reflecting an 8.3% boost year-on-year.

In detail, state-owned enterprises contributed 86.8% of current appropriation, up by 2.2%; Foreign-invested enterprises provided 89% of current appropriation, rising by 5.8%; the non-state sector delivered 94.3% of current appropriation, a substantial 13.5% increase.

Corporate income tax (CIT) collections advanced by 9.4%, value-added tax (VAT) by 5.1%, and special consumption tax (SCT) by 2.2% compared to the same period in 2023.

Personal income tax (PIT) is estimated at 98.7% of the target, a notable 16.6% upswing from last year, primarily fueled by active real estate and securities markets.

Notably, revenue from housing and land fees for the 10-month period reached just 76% of the target but nevertheless saw a significant 96.5% jump compared to the prior year. This surge is due to effective land auctioning and project land allocations by several localities at the end of 2023, leading to upfront payments in early 2024.

Other domestic revenue categories have also seen substantial progress and growth over the same period, including environmental protection tax, various fees, and mineral exploitation rights charges.

Crude oil revenue, meanwhile, has accumulated an estimated VND 48.9 trillion, or 106.2% of the current appropriation, though it reflects a 6% dip from the previous year.

Revenue from import-export activities is estimated at VND 227.2 trillion, reaching 111.4% of the current appropriation, an 18.9% leap over the previous year.

In relation to budget collection, at a September briefing outlining objectives for October, Deputy Minister of Finance Vo Thanh Hung urged all departments and units in the finance sector to focus on precise, full, and timely revenue collection, targeting a 10% overachievement of the National Assembly’s goal.