According to statistics from the General Department of Taxation (Ministry of Finance), by the end of July 2024, the total state budget revenue managed by the Tax authority is estimated at nearly 1.02 million billion VND, equal to 68.6% of the ordinance estimate and equal to 114.9% over the same period last year.

Among domestic budget revenues, revenue from foreign-invested enterprises (FDI) is estimated at 66.7%; revenue from the non-state economic sector is estimated at 72.7%; personal income tax is estimated at 72.7%; fees and charges are estimated at 70.6%; land and water surface rental revenue is estimated at 83.7%; revenue from lottery activities is estimated at 76.1%;...

Notably, as of the end of July, revenue from land use fees increased sharply by 90.6% compared to the same period in 2023, reaching VND 106,300 billion. The reason is that some localities have well organized land auctions and allocated land for projects since the end of 2023, generating land use fees in early 2024.

Some projects that have contributed greatly to the budget revenue from land use in the first months of 2024 include: Vinhome Vu Yen project (Hai Phong) about 5,600 billion VND; EcoPark project (Nghe An) about 1,000 billion VND; Bach Dang Investment Company Limited project (Hai Phong) about 1,200 billion VND; Pho Moi project (Hung Yen) about 700 billion VND; Mai Ba Huong residential area project (Long An) about 970 billion VND; Bac Cau Han New Urban Area project phase 1 (Hai Duong) about 450 billion VND...

Revenue from personal income tax and corporate income tax in the past 7 months increased by over 70% compared to the same period last year.

According to the General Department of Taxation, the budget collection results for the first 7 months of the year show that the economy is gradually recovering, and production and business are improving. The Government's policies on tax, fee and charge exemption, reduction and extension are beginning to "permeate" into market practice.

However, the current budget collection activities are not uniform and sustainable. The main revenue is concentrated in the following items: corporate income tax; profit margin of production and business enterprises and lottery companies as well as revenue and expenditure margin of the State Bank (because basically 4/5 periods have been collected so far). If these items are not included, domestic revenue managed by the Tax Department only reaches 62.3% of the estimate.

According to the General Department of Taxation, since the beginning of the year, the sector has implemented a policy to reduce environmental protection tax on gasoline, oil, grease, and jet fuel. Reducing this tax has caused the budget revenue in the first 7 months of the year to decrease by about VND 19,792 billion. In addition, reducing land rent in 2023 also reduced the budget revenue in the first 7 months of the year by about VND 2,372 billion; reducing taxes by VND 87,109 billion.