The total revenue to the State budget between January and July exceeded VND1.01 quadrillion (US$42.53 billion), equaling 62.7% of the yearly estimate and dropping by 7.8% from the same period last year.

State budget collection in the first seven months of this year stood at VND211.23 trillion (US$8.89 billon), equivalent to 49.7% of the estimate, down 19.6% year-on-year, the General Department of Vietnam Customs reported on August 3.

VOV.VN - Lawmakers on June 24 approved a resolution on the reduction of the value added tax (VAT) by 2% within six months in an attempt to reboot the economy and stimulate consumption.

State budget collection in the January-May period was estimated at over VND769.6 trillion (US$32.75 billion), equivalent to 47.5% of the estimates for the whole year, the Ministry of Finance reported on June 8.

The total State budget revenue in the first five months of this year reached over VND663.84 trillion (US$28.27 billion), equivalent to 48.3% of the ordinance estimate and 96.9% compared to the figure in the same period last year, reported the General Department of Taxation on June 2.

VOV.VN - Minister of Finance Ho Duc Phoc, on behalf of the government, presented a revised proposal concerning a 2% value added tax to 8% at the ongoing session of the National Assembly in Hanoi on May 24.

State budget collection from export-import activities in the first two months stood at VND56.33 trillion (US$2.37 billion), or 13.3% of the estimate, down 19.4% year-on-year, reported the General Department of Vietnam Customs (Vietnam Customs).

State budget collection from export-import activities in January topped VND24.8 trillion (US$1.07 billion), or 5.8% of the estimate, down 42.3% annually, reported the General Department of Vietnam Customs (GDVC).

Reducing the VAT (value added tax) by 2% has been the most practical solution to stimulate consumption and production.

Total State budget collection was estimated at over VND1,803 trillion (US$76.6 billion) in 2022, equivalent to 127.8% of the estimate, up 15% year on year, reported the Ministry of Finance (MoF) on January 3.