Vietnam’s budget revenue has hit a record high, with tax collections surpassing VND2,000 trillion (US$80 billion) this year, more than 30% above the initial estimate.

The figures were announced by the General Department of Taxation at its year-end review conference this week.

As of December 14, total state budget revenue had reached VND2,150 trillion ($86 billion). Full-year revenue is projected at around VND2,240 trillion ($89.6 billion), exceeding the estimate by 30.1% and rising 27.6% from 2024.

This marks the first year that revenue managed by the tax sector has exceeded the VND2,000 trillion threshold. All 34 provinces and centrally run cities met or exceeded their budget targets.

Hanoi recorded tax revenue of VND631 trillion ($25.2 billion), surpassing its estimate by 32.1%, while Ho Chi Minh City collected VND606 trillion ($24.2 billion), up 20.8%.

At this pace, total state budget revenue for the five years is expected to reach VND9,750 trillion ($390 billion), 17.5% higher than the target assigned by the National Assembly. Tax revenue mobilization is estimated at about 18.5% of GDP.

Revenue managed by tax authorities by the end of 2025 is forecast to account for more than 86.1% of total state budget revenue, equivalent to over VND8,400 trillion ($336 billion). This figure is 1.5 times higher than the 2016–2020 period and 2.5 times higher than the 2011–2015.

For 2026, the National Assembly has set a revenue target of VND2,240 trillion ($89.6 billion), with a minimum growth target of 10% compared to the estimated 2025 outcome. This is seen as a key task to secure resources for development and support Vietnam’s ambition of achieving double-digit economic growth in the next phase.

Speaking at the conference, Minister of Finance Nguyen Van Thang called on the tax sector to fully complete its revenue collection tasks in 2026.

He stressed the need to review and expand the tax base, prevent revenue losses and eliminate management gaps.

Thang expected tax authorities to strengthen coordination with relevant agencies, particularly the police, to verify, investigate and prosecute violations.

“Cases showing signs of criminal offenses should be proactively transferred to competent authorities to enhance deterrence and promote a fair and healthy business environment,” he said.

The minister also emphasized stronger use of artificial intelligence in risk assessment, big data analysis in e-commerce, invoice management and administrative reform.

He called for simplified procedures, shorter processing times and enhanced training for tax officials, alongside stricter discipline and the removal of personnel who fail to meet professional and ethical standards.