Nearly 1.279 quadrillion VND (55.3 billion USD) in taxes was collected for the State budget in 2020, almost 24.35 trillion VND, or 1.9 percent, higher than the annual target and 175.85 trillion VND more than the estimate reported to the National Assembly (NA).
The conference to review the tax sector's activities in 2020 (Photo: VNA)
Hanoi (VNA) - Nearly 1.279 quadrillion VND (55.3 billion USD) intaxes was collected for the State budget in 2020, almost 24.35 trillion VND, or1.9 percent, higher than the annual target and 175.85 trillion VND more thanthe estimate reported to the National Assembly (NA).
Revenue included more than 562 trillion VNDcollected for the central budget, equivalent to 94.7 percent of the figuretargeted, General Director of the General Department of Taxation Cao Anh Tuantold a conference in Hanoi on January 5.
Meanwhile, tax revenue from crude oil was some34.58 trillion VND and from domestic sources 1.24 quadrillion VND, equal to98.2 percent and 102 percent of the targets, respectively.
Tuan said that, in 2020, 55 of Vietnam’s 63 citiesand provinces reached or exceeded tax collection targets, with the provinces ofNinh Binh, Yen Bai, Phu Tho, Ha Tinh, Thua Thien-Hue, and Lao Cai among thoseposting revenue increases of more than 10 percent.
Forty-one localities recorded growth in taxrevenue.
He noted that in facing the COVID-19 pandemic, thegeneral department took proactive measures to assess the impact of the pandemicand natural disasters on budget revenue and suggest to the Government and theFinance Ministry ways to balance the State budget.
All-level tax agencies carried out synchronousmeasures to manage budget collections, prevent tax losses, step upadministrative reform, and create favourable conditions for taxpayers, theofficial added.
For 2021, the NA has assigned the taxation sectorto collect nearly 1.117 quadrillion VND for the State budget, including 23.2trillion VND from crude oil and over 1.09 quadrillion VND from domesticsources./.
Vietnam is sparing no efforts to implement tax reform measures along with the application of information technology in tax administration to disclose budget information, according to the Vietnam Annual Economic Report 2020 launched at a conference in Hanoi on June 17.
The General Department of Taxation must hasten reforms to create a favourable environment for enterprises to recover their business from the ravages of the COVID-19 pandemic, which was critical to increase tax revenue, Deputy Minister of Finance Tran Xuan Ha has said.
The COVID-19 pandemic has become a golden opportunity for e-commerce trading floors, as well as social networks such as Facebook. However, the country has lost billions of dong in tax revenue due to e-commerce as there are no specific regulations on the sector.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
The conference to review the tax sector's activities in 2020 (Photo: VNA) 
