Striving for revenue to rise by over 15% compared to assigned estimate

	State revenue collection poised to surpass annual target
	Budget revenue is about to be completed for the whole year estimate
	Available foundations and drivers for strong economic growth

Deputy Minister of Finance Cao Anh Tuan speaks at the meeting

Budget revenue reaches 99.4% of the estimate

According to the report of the Ministry of Finance, the 10-month revenue is estimated at VND 1,654.2 trillion, equal to 97.2% of the estimate, up 17.3% year-on-year (central budget revenue exceeded 1.7% of the estimate; local budget revenue reached 92.7% of the estimate).

Of which, domestic revenue reached VND 1,377.6 trillion, equal to 95.4% of the estimate, up 18.1% year-on-year. Revenue from import-export activities gained VND 227.2 trillion, up 11.4% of the estimate, up 18.9% year-on-year.

Updating revenue data on the TABMIS, state budget revenue by the end of November 7, 2024 reached VND 1,685.4 trillion, equal to 99.08% of the estimate. Of which, central budget revenue exceeds 3.37% of the estimate, local budget revenue reached 94.78% of the estimate.

The balance of the central budget and local budgets is ensured. As of October 28, 2024, the Ministry of Finance issued VND298.8 trillion of government bonds, with an average tenor of 11.1 years and an average interest rate of 2.52%/year.

In the 10 months, import-export activities have grown quite well compared to the same period last year. The total import-export turnover up to October 15, 2024 rose 12.5% to US$610.6 billion, of which the import-export turnover of taxable goods grew by 15.9% year-on-year.

Of which, a number of taxable imported goods contributed a large amount of revenue to the budget, increasing the state budget revenue by about VND35.1 trillion compared to the same period last year.

Regarding budget revenue, at the meeting, Deputy Minister Cao Anh Tuan updated information that as of November 10, budget revenue had reached 99.4% of the estimate, this result is very positive and optimistic. Thus, there are only about VND10 trillion left for the Finance sector to complete the 2024 budget revenue estimate.

The meeting

Speaking at the meeting, Mr. Mai Xuan Thanh, General Director of the General Department of Taxation, said that regarding the policy of tax and fee exemption and extension, it is estimated that after 10 months, VND1345 trillion has been exempted, reduced, and deferred.

Regarding debt collection, in 10 months, the State collected VND38 trillion in debts up 33% year-on-year and down 3% month-on-month. In the past time, the tax sector has applied all possible measures to collect tax debts.

At the same time, the General Department of Taxation will coordinate with the Ministry of Public Security to implement automatic exit and entry suspension measures. When the tax debtor has paid the tax, this measure can be removed as soon as possible.

Regarding the issue of tax collection authorization, General Director Mai Xuan Thanh reported to the Party Committee for approval and hoped to consider allowing the General Department of Taxation to make payments to the units implementing the tax collection authorization in 2024.

At the same time, he said that in 2025, the tax collection authorization pilot will be suspended and switched to electronic tax collection. The tax collection council of communes and wards will be responsible for part of the land fee collection.

Speeding ​​up the review of budget progress, quickly remove financial institutional bottlenecks

The meeting also acknowledged the opinions of units under the Ministry of Finance such as: Securities Commission, General Department of Customs, State Budget Department, State Treasury, Investment Department, Department of Public Administration, etc.

Speaking at the meeting, Deputy Minister of Finance Le Tan Can emphasized that the State budget collection is one of the important targets not only of the tax sector but also of the whole country.

“With the budget result of 99.4% of the estimate, we have almost completed the budget collection task in 2024. From now until the end of the year, the whole sector will strive to increase the budget revenueby 15% compared to the estimate according to the conclusion of the Prime Minister”, Deputy Minister Le Tan Can said.

The Deputy Minister also requested that relevant units should promptly review, develop resolutions and submit them to competent authorities so that the VAT reduction policy can be implemented from the beginning of 2025.

According to the Deputy Minister, the slow implementation of legal documents is a bottleneck, hindering development, so it is necessary to accelerate the development of laws on schedule.

At the meeting, Deputy Minister of Finance Bui Van Khang also emphasized that there are still nearly two months left until the end of 2024, the workload is still quite large. Therefore, units need to learn from experience, try to review, resolve all backlogs, and fulfill the responsibilities of the Ministry of Finance.

In particular, in addition to ensuring progress, units need to ensure the quality of work content and advisory documents, avoiding the situation of prolonging the process.

The Deputy Minister also requested the Legal Department to urge units to complete financial policy projects; requested the Department of Public Asset Management to tighten public asset management, proactively review and detect shortcomings.

In his concluding remarks at the meeting, Deputy Minister Cao Anh Tuan emphasized that units need to focus on completing existing work, especially building policies and mechanisms.

According to the Deputy Minister, in addition to the laws in the financial sector being submitted to the National Assembly (5 laws including: 1 law amending 7 laws; 3 laws amending the laws on VAT, special consumption tax, corporate income tax; a Law amending Law No. 69), there are currently many policy projects being submitted to the Government and the Prime Minister; 31 circulars will be submitted in November, so the workload is very large.

Emphasizing that the Ministry of Finance is a policy ministry, the Deputy Minister requested that units pay attention to reviewing progress to quickly remove institutional bottlenecks.

The Deputy Minister emphasized that with the very strong direction of the Politburo, the General Secretary, and the Prime Minister, there has been a very strong movement, from the policy-making.

Therefore, the Finance sector must also adapt immediately. The law-making work of the Ministry of Finance also needs to be accelerated, not delayed or late; ensuring the quality of documents under the authority of the Ministry as well as documents submitted to the National Assembly and the Government for promulgation.

At the meeting, the Deputy Minister assigned key tasks to units, the Deputy Minister requested a high focus on the work of building and perfecting institutions and policies; implementing anti-waste in the economical and effective use of public assets;

At the same time, strengthening tax management of e-commerce activities; accelerating disbursement of public investment capital; issuing a Plan to combat smuggling and trade fraud during Tet; strengthening supervision of the corporate bond market...

In particular, directing the budget collection task, appreciating the efforts of the units, the Deputy Minister also emphasized that implementing the conclusion of the Government Standing Committee at the regular meeting in November, the Finance sector strives to increase budget revenue by over 15% compared to the 2024 assigned estimate.