Government revenues climb to record levels

The economic recovery, with GDP growth forecast to reach 7.5%, boosted revenues from taxes and fees, the Ministry of Finance said.

“A cut in taxes and fees helped increase business activities, thus increasing revenues.”

Revenues from some sources had exceeded the full-year’s targets by the end of last month, such as taxes on trade and state-owned and foreign enterprises and land-use fees.

Taxes and fees on property contributed over VND41 trillion, double last year’s figure.

The government cut VND87.6 trillion in taxes and fees to support business recovery this year.

The government’s expenditure was VND1,450 trillion.

Public debt is forecast to be 43-44% of GDP by year-end.