According to data from the Ministry of Finance , total state budget revenue for the first 10 months of 2025 is estimated at VND 2,145 trillion, equivalent to 109.1% of the projected figure and a 28.5% increase compared to the same period last year. Of this, domestic revenue continues to play a leading role, reaching approximately VND 1,842.7 trillion, equivalent to 110.5% of the projected figure and a 32.6% increase compared to the same period in 2024. If we exclude special revenue items such as land use fees, lottery revenue, dividends, distributed profits, and the difference between revenue and expenditure of the State Bank of Vietnam, domestic tax and fee revenue still reached 101% of the projected figure, an increase of nearly 20% compared to the same period last year.
Notably, revenue from land increased sharply, reaching VND 451.4 trillion, 1.5 times the projected amount and more than double that of the same period last year. Of this, revenue from land use fees alone reached VND 392.3 trillion, a 131% increase compared to 2024. The total amount of fees exempted, reduced, and extended until the end of October is estimated at over VND 217 trillion.
Speaking with a reporter from Hanoi Moi Newspaper, Dr. Tran Huy Tung, Head of the Investment Economics Department (Faculty of Economics, Banking Academy), assessed that this is a positive result, stemming from several main reasons.
Firstly, thanks to policies supporting businesses and promoting economic growth such as tax reductions, tax and land rent extensions, and administrative procedure streamlining, the economy has clearly recovered. Domestic consumption, investment (especially public investment), and exports have all improved, leading to a significant increase in revenue from taxes such as value-added tax, corporate income tax, and personal income tax. As a result, domestic revenue has increased noticeably.
Secondly, the tax sector is stepping up the application of digital technology in budget revenue management, while focusing on combating revenue loss, preventing transfer pricing, and improving the efficiency of domestic tax and fee collection.
However, the revenue collection results also highlight some challenges that need attention. Revenue from land accounts for a large proportion. While this is a positive sign, over-reliance on real estate revenue could affect the sustainability of the budget. In addition, the disbursement of public investment capital remains slow; in the first 10 months of 2025, only about 54.4% of the plan assigned by the Prime Minister had been disbursed.
Revenue exceeding the projected amount is a positive sign, but it also raises questions about the quality of budget planning. If revenue estimates are too conservative or do not fully reflect the actual capacity of the economy, it could lead to significantly exceeding the plan, reducing the reliability of fiscal planning. The 2025 revenue forecast was developed against a backdrop of limited resources and significant uncertainty regarding economic growth.
Nurturing revenue streams
In Official Dispatch No. 159/CĐ-TTg dated September 7, 2025, on the orientation and management of fiscal and monetary policies, the Prime Minister requested that state budget revenue in 2025 be boosted by at least 25% compared to the projected figure.
Many experts believe that the target of increasing revenue by 25% compared to the projected figure is ambitious but achievable if fiscal, investment, and institutional policies are coordinated effectively. With a nominal Gross Domestic Product (GDP) growth target of approximately 11-12%, Vietnam must rely on new drivers from the private sector, science and technology, and the digital economy to expand its actual revenue sources.
2025 marks the first year of implementing Resolution No. 68-NQ/TƯ dated May 4, 2025, of the Politburo on the development of the private economy. For the private sector to truly become a driving force for growth and a sustainable source of revenue, it is necessary to simultaneously improve the quality of public investment, reduce capital waste, and facilitate the flow of private capital.
To harness this potential, it is necessary to create favorable conditions for investment funds for innovative startups, forming a financial ecosystem to support technology and innovation businesses. The government can encourage the "public-private seed funding" model to spread investment into the digital sector, while simultaneously fostering a spirit of innovative entrepreneurship, encouraging people to think outside the box, take initiative, and accept responsibility.
As innovation and entrepreneurship spread, the private sector will become the most sustainable and flexible source of revenue for the economy, in line with the spirit of "nurturing revenue by investing in the future".
Economist Nguyen Minh Phong:
Creating room for the implementation of public spending tasks.
The fact that budget revenue exceeded the projected target 10 months early in 2025 is a positive sign. Firstly, this result shows that the tax authorities have implemented comprehensive policies and measures to collect budget revenue, managing revenue sources effectively and promptly, contributing to ensuring state financial stability. This also reflects the efforts of businesses and the people. At the same time, this result reflects the health and positive recovery potential of the economy.
Revenue collection exceeding the projected target early creates significant financial space for implementing public spending tasks. In the context of large public investment needs, especially for strategic infrastructure, energy transition, and urban development, the additional resources from the revenue surplus allow the State to be more proactive in managing spending, while reducing the pressure to borrow in the short term. Notably, this contributes to maintaining national financial security and keeping public debt within safe limits.
Nguyen Quang Huy, Executive Director of the Faculty of Finance and Banking (Nguyen Trai University):
Digital transformation contributes to boosting revenue.
The budget revenue figures for the first 10 months of 2025 show a positive fiscal picture, reflecting the resilience of the economy and the effectiveness of modern revenue management. Total revenue reached VND 2,145 trillion, equivalent to 109.1% of the projected figure, exceeding expectations amidst the volatile global economy. Domestic revenue continued to be a bright spot, reaching VND 1,842.7 trillion, equivalent to 110.5% of the projected figure, an increase of 32.6% compared to the same period in 2024. A key factor driving revenue growth is digital transformation in tax management. The implementation of electronic invoices, eTax Mobile, connected sales systems, and synchronized databases helps to increase transparency in cash flow and reduce revenue losses.
In particular, revenue from land increased dramatically, reaching VND 451.4 trillion, 1.5 times the projected amount and more than double the same period last year; of which revenue from land use fees increased by as much as 131%. This reflects the warming up of the real estate market, especially in projects where legal issues have been resolved. However, it should be recognized that this is not a sustainable source of revenue.
Ms. Nguyen Thi Phuong Mai, No. 62 Nguyen Huy Tuong Street, Thanh Xuan Ward:
The benefits are felt when the quality of life improves.
The budget revenue results show that the economy is maintaining its recovery momentum after a difficult period. When businesses are operating well, production and business activities are running smoothly, exports, imports, and consumption are all improving, so an increase in state budget revenue is understandable. This reflects the effectiveness of policies supporting businesses, stimulating consumer demand, and promoting public investment in the past period.
Revenue exceeding the projected target is a valuable resource that needs to be used efficiently and strategically. The government should prioritize stronger investment in transportation infrastructure, schools, hospitals, poverty reduction programs, and social security. The effectiveness of high revenue collection will only truly be felt when the quality of life improves significantly, roads are less congested and dilapidated, healthcare services are better, children receive education in environments with adequate facilities, and the poor are guaranteed essential support...
Thanh Huong wrote
Source: https://hanoimoi.vn/thu-ngan-sach-nha-nuoc-ve-dich-som-can-tiep-tiep-da-dang-hoa-nguon-thu-724427.html
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