State budget revenue in Hanoi:

Hanoi's budget revenue in 2025 is projected to reach 641.71 trillion VND, a significant increase compared to the initial forecast. *(Photo: QT)*

A milestone in 2025

According to the report of the Hanoi People's Committee at the 28th session of the 16th Hanoi People's Council, the capital city achieved comprehensive results, completing 23 out of 24 socio-economic targets. The annual GRDP is estimated at 8.5%, reaching approximately US$63.5 billion and accounting for 12.5% of the national GDP. Budget revenue is estimated at VND 641.71 trillion, a significant increase compared to the projected figure and setting a record for the first time exceeding VND 600 trillion, which is more than 10 times higher than the city's projected state budget revenue in 2008 (VND 57,358.055 billion). Thus, 2025 marks the 18th consecutive year that Hanoi has exceeded its assigned state budget revenue target and the 3rd consecutive year contributing over 20% of the national average to the total state budget revenue.

It must be affirmed that this is the result of a series of dedicated efforts by the entire political system, the tax sector, and the business community and people in the capital city; especially from the close and directed leadership and guidance of the Central Government and the City in perfecting institutions and policies to attract and encourage investment, improving the business environment to facilitate the development of businesses and taxpayers, generating revenue and contributing to the budget.

In particular, from the beginning of 2025, tax authorities at all levels have synchronously and decisively implemented 8 key solution groups and assigned tasks, programs, and thematic projects; proactively promoted digital transformation and the application of information technology in tax management processes, from tax registration, tax policy support and dissemination, electronic tax declaration - payment - refund, electronic receipts - invoices; implemented 100% electronic tax declaration and electronic tax refund for exported goods and services and investment projects; simplified tax administrative procedures, saving time and compliance costs for taxpayers in the area; strengthened thematic inspections, and effectively implemented solutions for tax management and anti-tax evasion...

The increasing state budget revenue in Hanoi is also due to the increasingly strong development in terms of quantity, quality, and efficiency of production and business activities, as well as the improved awareness and responsibility of the business community and business households in the capital city in complying with tax management laws. Small and medium-sized enterprises (SMEs) account for 98% of businesses and contribute approximately 50% of Hanoi's GRDP.

Outlook for 2026

In 2026, Hanoi aims for a GRDP growth rate of 11%. Total state budget revenue in the area is projected at VND 650,111.166 billion, an increase of 1.3% compared to 2025. Of this, domestic revenue is estimated at VND 610,000 billion, accounting for 93.8% of total revenue. Total state budget revenue for the 5 years from 2026-2030 is projected to reach VND 3,695.2 trillion, 2.02 times higher than the 2021-2025 period. The average state budget mobilization rate is expected to reach 32.3% of GRDP; revenue from taxes and fees alone is expected to reach approximately 29.6% of GRDP. Local budget revenue is projected to reach VND 3,477.1 trillion, more than double the previous period.

Thus, the task of collecting state revenue in 2026 continues to put pressure on departments, agencies, and organizations under the City and the People's Committees of communes and wards in a context where difficulties outweigh advantages, coupled with the continued consolidation of the two-level local government apparatus and increasingly unpredictable market fluctuations, natural disasters, and epidemics both domestically and internationally.

In particular, state budget revenue in the area continues to depend closely on the results of socio-economic development and the capacity of the state management apparatus at all levels in promoting administrative procedure reform, improving the investment and business environment, enhancing competitiveness, removing difficulties for production and business, nurturing revenue sources and expanding the revenue base, especially from e-commerce, food and beverage services, and retail stores; building and implementing a land resource exploitation project in the form of PPP; developing trade, tourism, finance and banking; building a national e-commerce platform and a modern payment, logistics, and traceability system… At the same time, continue to promote reform and simplify tax administrative procedures; effectively implement the elimination of lump-sum tax for household businesses; continue digital transformation, expand the deployment of electronic invoices generated from cash registers, reduce administrative costs, update and cover, and expand revenue sources…

The results of state budget revenue collection in 2026 will depend significantly on the implementation of Resolution 68-NQ/TW on the development of the private economy in the locality; and at the same time, strengthen discipline in the direction, management, and administration of state budget revenue collection in both directions. First, promptly and efficiently resolve value-added tax refunds in accordance with regulations and promptly address difficulties and obstacles, support taxpayers in maintaining production and business, facilitate tax debt extensions, reduce value-added tax, and minimize the amount of newly incurred debt... Along with that, strengthen the dissemination of information on compliance with tax laws and state budget revenue management, strengthen inspection and auditing to prevent and combat smuggling, commercial fraud, transfer pricing, tax evasion, especially in digital business activities and real estate transfers, and strive to combat budget revenue losses.

The achievements and experiences in state budget revenue collection in 2025 are creating momentum for Hanoi to continue successfully achieving its state budget revenue targets in 2026.

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