While still on track, the ministry flagged that fallout from the Middle East conflict and a suite of fiscal relief measures, including cuts to environmental protection tax, value-added tax, special consumption tax and fees on gasoline and aviation fuel, are starting to chip away at revenue. Collection progress and growth rates across several tax streams have decelerated from the previous year.

The Government is extending tax and fee relief to help firms and households weather production and trade headwinds. Newly introduced reductions cover environmental protection tax, VAT and special consumption tax on fuels. Total exemptions and reductions in the four-month period were estimated at VND57.9 trillion.

On the revenue structure, domestic receipts were pegged at VND991 trillion, 45% of the annual estimate and up 17.4% year-on-year. Revenue from State-owned, foreign-invested and private enterprises hit VND546.9 trillion, making up 53.6% of the estimate and surging 31.2%.

Crude oil revenue came in at about VND17 trillion, or 39.5% of the estimate, buoyed by an average realised oil price of US$80.7 per barrel, or US$10.7 above the budgeted level. Import-export revenue stood at VND105.4 trillion, or 37.9% of the target.

The ministry has intensified inspections, audits and anti-revenue loss measures. As of April 15, tax authorities had completed 10,200 inspections, recommending financial settlements worth VND17.6 trillion, while recovering nearly VND23.9 trillion in tax arrears.

In e-commerce, 235 foreign suppliers registered for tax through the electronic portal, generating an estimated VND7.9 trillion in revenue, a 112% jump from the same period last year.

Total state budget expenditure in the first four months was estimated at VND668.2 trillion, 21.2% of the annual target and up 11.6% year-on-year. Recurrent spending accounted for the largest share, reaching 26% of the estimate. Central and local budget balances remain in place.

Spending has met requirements for socio-economic development, national defence-security, state management and debt servicing, while ensuring timely payment of salaries, pensions and social benefits, the ministry said.

Both central and local budget balances are secure. By April 28, the Government had issued VND106.3 trillion in sovereign bonds with an average maturity of 10 years and an average interest rate of 4.08% per annum.

State budget revenue up 10.2% in Q1

Total state budget revenue in the first quarter of 2026 is estimated at VND820 trillion (US$31.1 billion), equivalent to 32.4% of the annual target and up 10.2% year-on-year, the Ministry of Finance reported.