Vietnam's state budget revenue for 2024 is estimated at over VND 2 quadrillion (USD 83.3 billion), exceeding projections by 19.1% and increasing by 15.5% compared to 2023. For the first time, Hanoi and Ho Chi Minh City each collected over VND 500 trillion (USD 20.8 billion).

At the national finance and budget review conference for 2024, officials reported that state budget revenues reached 119.1% of the forecast, an increase of VND 324.4 trillion (USD 13.5 billion) compared to the previous year.

Central government revenue accounted for 123.7% of the estimate, while local government revenue reached 114.4%. Tax and fee collections alone made up 14.2% of GDP, contributing to a total mobilization rate of 17.8% of GDP.

Government expenditure and debt management

Total government expenditure is estimated at VND 1.8 quadrillion (USD 75 billion), representing 86.4% of the planned budget.

Development investment spending is expected to reach 78.1% of the National Assembly’s target, with disbursement rates at 77.5% of the Prime Minister’s plan. Recurrent expenditures stood at 94.5% of the estimate.

The government issued VND 330.4 trillion (USD 13.8 billion) in bonds in 2024, fulfilling 82.59% of the annual plan, with an average maturity of 11–12 years and an average interest rate of 2.52% per year.

Public debt levels remain tightly controlled, staying below the permissible threshold. By year-end, public debt is estimated at 36–37% of GDP, and government debt at 33–34% of GDP.

Tax relief policies

In 2024, the Ministry of Finance implemented tax, fee, and land rent reduction policies totaling an estimated VND 197.3 trillion (USD 8.1 billion).

This includes VND 99 trillion (USD 4 billion) in exemptions and reductions and VND 98.3 trillion (USD 4.1 billion) in deferred payments.

Despite these significant relief measures, revenue growth exceeded expectations due to robust exports, foreign investment, and domestic economic performance.

Regional revenue milestones

Hanoi reported record-breaking budget revenue of over VND 500 trillion (USD 20.8 billion), with nearly 94% coming from domestic sources.

Tax revenue from e-commerce alone contributed VND 40 trillion (USD 1.67 billion), a 32% year-on-year increase.

The city also achieved its goal of eradicating poverty two years ahead of schedule.

Similarly, Ho Chi Minh City recorded its highest-ever budget revenue at VND 515.34 trillion (USD 21.5 billion), achieving 104.66% of its forecast.

Trade and customs achievements

The General Department of Customs exceeded its revenue target, collecting VND 426 trillion (USD 17.7 billion) by year-end, 113.3% of the estimate and a 15% increase from 2023.

Vietnam’s total trade volume for 2024 is projected at USD 786.07 billion, up 14.5% from 2023.

The trade surplus is estimated at USD 24 billion, the largest in the country’s history.

Binh Minh