Illustrative photo (Source: VNA)

The ministry said that domestic revenue reached 24.6% of the target and increased 14.6% compared to that of the same period last year partly because economic activities in the first months of the year still maintained positive growth momentum from the end of the previous year and good consumption during the Lunar New Year holiday.

The ministry reported that 55 out of the country's 63 provinces and centrally-run cities recorded domestic revenue topping 16% of the estimate. Fifty-three localities saw an increase in collection compared to the January-February period in 2023, while 10 reported a decline in domestic revenue.

Meanwhile, state budget spending in the first two months of this year was estimated at 270.7 trillion VND, equal to 12.3% of the estimate and up 7.7% year-on-year. Of the total, nearly 60 trillion VND was for development investment.

In the period, to continue supporting businesses and people to overcome difficulties, the Government exempted or reduced taxes, fees, and charges worth about 12.1 trillion VND.