Hanoi's budget revenue posts robust 54% growth in first five months

Hanoi recorded strong performance in five-month revenue from domestic sources, which reached 346.9 trillion VND to account for 73.2% of the annual target and mark a 55.4% year-on-year increase.

Hanoi’s state budget revenue exceeded 362.1 trillion VND (approximately 14.2 billion USD) in the first five months of 2025, soaring 54.4% from a year earlier. (Illustrative image: VNA)

Hanoi (VNA) – Hanoi’s state budget revenue exceeded 362.1 trillion VND (approximately 14.2 billion USD) in the first five months of 2025, meeting 71.6% of the full-year target and soaring 54.4% compared to the same period in 2024.

Figures released by the Hanoi Statistics Office highlight strong performance in revenue from domestic sources, which reached 346.9 trillion VND, accounting for 73.2% of the annual target and marking a 55.4% year-on-year increase. Significant contributors included the non-state business sector with 72 trillion VND (up 45.1%), personal income tax 29.3 trillion VND (up 25.5%), and land use fees 68.3 trillion VND (7.4 times higher than the same period last year).

Revenue from state-owned enterprises stood at 41.3 trillion VND, or 51.3% of the yearly target, down 2.9% year-on-year. Foreign-invested firms contributed 17 trillion VND to the state budget, reflecting a 12.9% rise and fulfilling 55.9% of the target. The non-state sector continued to demonstrate solid performance, maintaining momentum with 72 trillion VND in contributions, equivalent to 70% of the target and increasing 45.1%.

Additional sources of revenue included vehicle registration fees valued at 3.2 trillion VND, up 12%, while fee and charge collections totalled 9.8 trillion VND, down 2.6%.

Industrial activity also showed encouraging signs of recovery. The Index of Industrial Production (IIP) in May edged up 0.8% from April and rose 7.2% year-on-year. Cumulatively, the IIP for the first five months increased 5.5%, led by a 5.5% rise in the manufacturing and processing sector. Machinery and equipment manufacturing jumped 28.3%, textile production rose 14%, and motorised vehicle manufacturing expanded by 12.9%.

In the agricultural sector, the city maintained nearly 128,000 ha of spring crop cultivation. Despite a modest decline in the rice area due to land-use changes, the crop restructuring toward higher-value crops, perennial plants, and aquaculture boosted overall production value. The poultry population reached 37 million, up 2.1% from a year earlier.

Aquaculture remained on a steady growth trajectory, with May’s output estimated at 10,600 tonnes. Total output for the five-month period hit 49,000 tonnes, a 3.9% year-on-year increase, statistics show./.

VNA