Vietnam’s state budget revenue in 2025 hit a record high of about 2.65 million billion VND (approximately 110 billion USD), according to the Ministry of Finance. This figure represents around 20.7 percent of GDP, reflecting a significantly broadened revenue base alongside strong economic recovery and growth.
Compared to the budget plan, total revenue exceeded the target by nearly 35 percent and grew more than 30 percent over 2024, marking one of the highest revenue growth years in recent memory.
In terms of revenue structure, the most striking feature is that domestic revenue dominated, accounting for about 86 percent of total state budget revenue, or nearly 2.3 million billion VND (about 95 billion USD). This shows that revenue from domestic production, business activity, consumption, and services continues to be the backbone of the budget, rather than reliance on natural resources or external factors.
In contrast, revenue from crude oil declined sharply, reaching just over 90 percent of the plan and falling more than 18 percent year-on-year, mainly due to lower global oil prices. The share of oil revenue continues to shrink, consistent with the trend of reducing dependence on non-renewable resource income.
Meanwhile, revenue from import-export activities rose nearly 18 percent compared with 2024, supported by record trade turnover of about 930 billion USD. Although smaller than domestic revenue in terms of share, this source still plays an important role in expanding the overall budget.
The Ministry of Finance attributes the strong revenue results to expanded tax bases, improved management effectiveness, and enhanced anti-loss measures, particularly through coordination between tax authorities, customs, ministries, and localities. Increased use of electronic invoicing, big data analytics, and better management of high-risk sectors such as real estate, land, e-commerce, and cross-border transactions have helped ensure more accurate and complete revenue collection.
Overall, 2025 budget revenue not only grew significantly in scale but also improved in quality, with a high share of domestic revenue, lower dependence on oil, and greater resilience to external shocks. This is seen as a key fiscal foundation for Vietnam to pursue its high economic growth targets in the coming years.
