Budget revenue exceeds 2 quadrillion VND for the first time, Hanoi reaches more than half a quadrillion VND

ANTD.VN - On the afternoon of December 31, 2024, the Ministry of Finance held a conference to review and evaluate the implementation of financial and state budget tasks in 2024 and deploy tasks in 2025. Prime Minister Pham Minh Chinh attended and directed the conference.

The Ministry of Finance's report said that in 2024, the Ministry has resolutely directed the implementation of the State budget revenue and expenditure tasks from the beginning of the year; reviewed revenue sources, expanded revenue bases, prevented revenue losses, and strived to increase revenue in areas and areas with favorable conditions.

As a result, the state budget revenue for the whole year of 2024 is estimated to reach about 2,025.4 trillion VND, an increase of 19.1% (an increase of 324.4 trillion VND) compared to the estimate, an increase of 15.5% compared to the implementation in 2023. This is also the first year that the state budget revenue exceeds 2 million billion VND.

Of which, central budget revenue is estimated to reach 123.7% of the estimate, local budget revenue is estimated to reach 114.4% of the estimate. The mobilization rate into the state budget reaches 17.8% of GDP, with taxes and fees alone reaching 14.2% of GDP.

Ministry of Finance summarizes state financial and budget work

Regarding state budget expenditure, it is estimated that by December 31, 2024, it will reach about VND 1,830.8 trillion, equivalent to 86.4% of the estimate. Of which: development investment expenditure is estimated at 78.1% of the estimate decided by the National Assembly; the disbursement rate is estimated at 77.5% of the plan assigned by the Prime Minister (the same period in 2023 reached about 81.9%); regular expenditure is estimated at 94.5% of the estimate.

During the year, the Ministry of Finance 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 in 2024, with the total scale of the proposed policies being about VND 191 trillion.

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; about 98.3 trillion VND will be extended.

The balance of the central budget and local budgets at all levels is ensured. Government bonds worth VND330.4 trillion have been issued, equal to 82.59% of the plan, with an average term of 11.12 years and an average interest rate of 2.52% per year, ensuring timely payment of principal of loans due by the central government and contributing to the orientation of market interest rates.

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 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. All three organizations 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 and Fitch rate it at BB+, Moody's rate it at Ba2, with a Stable outlook.

Regarding the financial tasks - State budget in 2025, the National Assembly approved the State budget revenue estimate of 1.97 million billion VND; of which: domestic revenue accounts for 84.8%; crude oil revenue accounts for 2.7%; balanced revenue from import-export activities accounts for 11.9%.

The estimated state budget expenditure is 2.5 million billion VND; of which: development investment expenditure accounts for about 31%; regular expenditure accounts for about 60.9%.

The state budget deficit is 471.5 trillion VND, equivalent to about 3.8% of GDP. The principal loan repayment is 363.6 trillion VND.

Reporting at the Conference, Vice Chairman of Hanoi People's Committee Ha Minh Hai said that in 2024, the City overcame difficulties and completed the general target for 2024: The capital's economy achieved a growth rate of 6.52% with an improving trend every quarter; The consumer price index (CPI) was controlled and managed according to plan, increasing by 4.37% compared to the average in 2023; Attracting foreign direct investment reached more than 2.06 billion USD, an increase of 78.6% over the previous year; Capital mobilization increased by 7% and total outstanding credit in the area increased by 19% over the previous year...

Total state budget revenue in the area by December 31, 2024 is 501.6 trillion VND - this is also the first time the city's budget revenue has exceeded half a million billion VND.

Estimated local budget expenditure for the whole year is 127 trillion VND, reaching 91.1% of the estimate.

Source: https://www.anninhthudo.vn/thu-ngan-sach-lan-dau-vuot-2-trieu-ty-dong-ha-noi-dat-hon-nua-trieu-ty-post599935.antd