According to the report at the conference on summarizing the State budget and finance work in 2024 and implementing tasks in 2025, the State budget revenue for the whole year of 2024 is estimated to reach about 2 million billion VND, equal to 119.1% of the estimate (an increase of 324.4 thousand billion VND), an increase of 15.5% compared to the implementation in 2023 (central budget revenue is estimated at 123.7% of the estimate, local budget revenue is estimated at 114.4% of the estimate); the mobilization rate into the State budget is 17.8% of GDP, with taxes and fees alone reaching 14.2% of GDP.

State budget expenditures by December 31, 2024 are estimated to reach about VND 1.8 million billion, equivalent to 86.4% of the estimate; of which: development investment expenditures are estimated to reach 78.1% of the estimate assigned by the National Assembly, the disbursement rate is estimated to reach 77.5% of the plan assigned by the Prime Minister; regular expenditures are estimated to reach 94.5% of the estimate.

In 2024, 330.4 trillion VND of government bonds were issued, equal to 82.59% of the plan, with an average term of 11.12 years and an average interest rate of 2.52%/year.

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Tax revenue increased sharply. Photo: Nam Khanh

Also in the past year, the Ministry of Finance has advised and proposed to the Prime Minister, the Government, and the National Assembly to issue policies on tax, fee, charge, and land rent exemption, reduction, and extension with a total scale when issuing policies expected to be about 191 trillion VND. The implementation results (including policies implemented from 2023, continuing to reduce state budget revenue in 2024) are estimated at about 197.3 trillion VND, of which about 99 trillion VND will be exempted and reduced, and about 98.3 trillion VND will be extended.

Public debt is strictly managed, below the allowable threshold. By the end of 2024, public debt will be around 36-37% of GDP, government debt will be around 33-34% of GDP.

Vietnam's national credit rating continues to be strengthened thanks to its success in managing economic development, strong export growth and attracting foreign investment, and public debt being controlled at a low level. S&P, Fitch, Moody's and S&P continue to maintain Vietnam's national credit rating at a positive and sustainable level; in which, S&P, Fitch rated it at BB+, Moody's rated it at Ba2, with a stable outlook.

At the conference, Mr. Ha Minh Hai, Vice Chairman of the Hanoi People's Committee, informed that the state budget revenue in the capital city exceeded 500 trillion VND for the first time (of which domestic revenue accounted for nearly 94%); tax revenue from e-commerce activities reached nearly 40 trillion VND (up 32% compared to the previous year). By the end of 2024, Hanoi will have no more poor households, reaching the target 2 years ahead of schedule.

Mr. Nguyen Van Dung, Vice Chairman of the Ho Chi Minh City People's Committee, also said that 2024 is the first year that Ho Chi Minh City will achieve a state budget revenue of over 500 trillion VND. The specific figure is 515,344 trillion VND, equal to 104.66% of the estimate.

According to General Director of the General Department of Customs Nguyen Van Tho, in 2024, the National Assembly assigned this agency to collect 375 trillion VND in budget revenue. As of December 31, the estimated state budget revenue reached 426 trillion VND, equal to 113.3% of the estimate, up 15% over the same period in 2023.

Total import-export turnover of goods is estimated at 786.07 billion USD, an increase of 14.5% (equivalent to 105 billion USD) over the same period in 2023. Vietnam's trade balance of goods in 2024 is estimated to have a surplus of 24 billion USD - the largest turnover figure ever.