Vietnam’s 7-month budget revenue surges 27.4%, fueled by trade boom

Hanoi, August 5 (VNA) - Vietnam’s state budget revenue soared to over 1,572 trillion VND (60.4 billion USD) in the first seven months of 2025, hitting 79.9% of the annual target and jumping 27.4% year-on-year, the Ministry of Finance reported.

Domestic revenue reached 1,363.5 trillion VND, up 31.6% annually and meeting 81.7% of the yearly goal. Of 34 provinces, 24 exceeded 68% of their targets, while 33 reported year-on-year growth.

Export-import revenue rose 9.7% to 179.5 trillion VND, achieving 76.4% of the estimate, while crude oil revenue slumped 17.2% to 28.5 trillion VND, hitting just 53.5% of projection.

A 16.2% surge in total trade turnover to 470.6 billion USD by July 15 fueled the export-import gains, with taxable goods trade up 4.8%. Key contributors included a 6.7% rise in imported raw materials, machinery and spare parts, adding 11.7 trillion VND to the state budget, and a 41.8% jump in whole-unit car imports, boosting revenue by 7.9 trillion VND.

On July 6, Prime Minister Pham Minh Chinh issued a dispatch pushing for a 20% revenue increase over 2025 projections, urging the Finance Ministry to tighten tax enforcement and tap e-commerce, food services and emerging economic areas for revenue growth. The ministry is accelerating digital tax management, rolling out electronic invoicing, and leveraging technology for automated oversight.

The ministry also plans to streamline tax procedures and offer targeted relief to support business recovery./.