Domestic revenue growth from new space

(Baothanhhoa.vn) - In recent years, Thanh Hoa has continuously recorded growth in domestic budget revenue, maintaining its position in the group of localities with large revenues in the country. This success comes not only from economic recovery after the COVID-19 pandemic but also from the strategy of expanding and effectively exploiting "new space" - a concept that includes modern infrastructure, dynamic economic - industrial zones, rapid urbanization and a favorable investment environment.

Production activities at Intco Vietnam Industrial Company Limited, contributing to Thanh Hoa 's domestic revenue.

In 2022, the province's total state budget revenue exceeded VND50,000 billion for the first time, of which domestic revenue reached more than VND30,000 billion - an important milestone bringing Thanh Hoa into the group of provinces with "large budget revenue". In 2023, despite the "difficulties" in the real estate and export markets, the province still collected VND41,920 billion in state budget, of which domestic revenue reached VND24,810 billion, ranking first in the North Central region. By 2024, the growth momentum was accelerated, domestic revenue implemented by the Thanh Hoa tax sector reached VND35,669 billion, exceeding 62% of the provincial estimate, up 35% over the same period.

Entering 2025, the momentum from the new space continues to have an effect. In the first 6 months of 2025, state budget revenue reached about 27,528 billion VND, equal to 60.5% of the estimate and 92.8% of the same period, of which domestic revenue was 16,548 billion VND, equal to 60.2% of the estimate and 90% of the same period. In the first 7 months of 2025, the province's budget revenue reached over 33,800 billion VND; equal to 74.3% of the estimate. These are impressive numbers, reflecting Thanh Hoa's capital attraction capacity thanks to increasingly complete infrastructure and a favorable investment environment.

Going deeper into the structure, Thanh Hoa's domestic revenue comes from many different sources, clearly reflecting the economic vitality of the province. The largest source of revenue is still from the production and business sector, including corporate income tax, value added tax and fees and charges. "Locomotives" such as Nghi Son Refinery, Long Son Cement, Bim Son Cement... contribute hundreds to thousands of billions of VND each year. Nghi Son Refinery with its stable output and large scale has become a pillar in terms of VAT and special consumption tax.

In addition, revenue from land and real estate continues to be an important additional source, especially in the context of many new urban areas being put into operation. Successful land use rights auctions have brought in thousands of billions of VND, helping to balance the budget and create conditions for infrastructure investment.

Revenue from resource and mineral exploitation also plays a role in stabilizing the budget. With advantages in stone, sand, gravel, limestone, chromium, etc., Thanh Hoa has implemented public auctions of mines, strengthened supervision of exploitation activities, both limiting losses and ensuring long-term revenue.

The service, trade and tourism sectors are emerging as a new source of revenue. Logistics services in Nghi Son and Bim Son are also expanding rapidly, contributing significantly to the budget...

The breakthrough in domestic revenue sources comes from the fact that Thanh Hoa has been creating a “new space” for development. In Nghi Son Economic Zone, seaport infrastructure, industrial parks and logistics services have been invested synchronously, attracting a series of large-scale projects in the fields of petrochemical refining, construction materials, seafood processing, and electronic component manufacturing. Along with that, Hoang Long, Le Mon, Lam Son-Sao Vang industrial parks... are becoming destinations for many domestic and foreign enterprises, creating tens of thousands of jobs and stable tax revenue.

The synchronous investment in transport infrastructure from national highways, expressways, coastal roads to rural road networks has shortened transportation time, reduced costs for businesses, and promoted urbanization. The expansion of new urban areas not only increases land value but also brings in large revenues from land use rights auctions and real estate transfers. Along with that, resource management has been rectified, illegal mineral exploitation activities have been strictly handled, ensuring legal and sustainable revenue sources.

The province's tax and customs sectors are also at the forefront of reforming administrative procedures, applying electronic invoices and online public services, reducing tax payment time and costs, creating conditions for businesses to expand production and business, thereby contributing more to the budget.

With this “new space” foundation, Thanh Hoa is possessing a “double launch pad” that both expands the space for production and business development and creates diverse and sustainable domestic revenue sources. To maintain growth momentum, Thanh Hoa continues to prioritize infrastructure investment, expand clean land funds for large projects, increase the proportion of revenue from production and business, reduce dependence on land revenue, and at the same time ensure transparency and publicity in resource management and asset auctions.

With a synchronous and drastic approach, Thanh Hoa has every basis to maintain its position as one of the leading localities in the country in terms of domestic revenue growth, making an increasingly large contribution to the national budget, and affirming its role as a new growth pole of the North Central region.

Article and photos: Chi Pham

Source: https://baothanhhoa.vn/tang-truong-thu-noi-dia-tu-khong-gian-moi-258257.htm