Nearly VND1.279 quadrillion (US$55.3 billion) in taxes was collected for the State budget in 2020, almost VND24.35 trillion, or 1.9%, higher than the annual target and VND175.85 trillion more than the estimate reported to the National Assembly (NA).

The conference to review the tax sector's activities in 2020

Revenue included more than VND562 trillion collected for the central budget, equivalent to 94.7% of the figure targeted, General Director of the General Department of Taxation Cao Anh Tuan told a conference in Hanoi on January 5.

Meanwhile, tax revenue from crude oil was some VND34.58 trillion and from domestic sources VND1.24 quadrillion, equal to 98.2% and 102% of the targets, respectively.

Tuan said that, in 2020, 55 of Vietnam’s 63 cities and provinces reached or exceeded tax collection targets, with the provinces of Ninh Binh, Yen Bai, Phu Tho, Ha Tinh, Thua Thien-Hue, and Lao Cai among those posting revenue increases of more than 10%.

Forty-one localities recorded growth in tax revenue.

He noted that in facing the COVID-19 pandemic, the general department took proactive measures to assess the impact of the pandemic and natural disasters on budget revenue and suggest to the Government and the Finance Ministry ways to balance the State budget.

All-level tax agencies carried out synchronous measures to manage budget collections, prevent tax losses, step up administrative reform, and create favourable conditions for taxpayers, the official added.

For 2021, the NA has assigned the taxation sector to collect nearly VND1.117 quadrillion for the State budget, including VND23.2 trillion from crude oil and over VND1.09 quadrillion from domestic sources.