Nghe An Province Accelerates Towards 35 Trillion Dong Revenue Target: Revenue Up 27.8% Year-on-Year in First Half

Nghe An Province, located in central Vietnam, is demonstrating remarkable revenue growth and is accelerating towards its annual fiscal target. According to reports from the provincial tax department, as of September 4th, the province's total revenue reached 23.364 trillion VND, equivalent to 100.1% of the annual budget set at the beginning of the year, and marking a 27.8% increase compared to the same period last year. This achievement places Nghe An among the few provinces and cities in Vietnam that have met their annual budget projections. Domestic revenue continues to be the primary driver, amounting to 21.155 trillion VND, an increase of 24.5% year-on-year and reaching 98.9% of the annual budget. Land use fees contributed significantly, totaling 8.720 trillion VND, which is 140.6% of the annual budget and 31.1% higher than the same period last year. Even when excluding land use fees and lottery revenues, domestic revenue still reached 12.383 trillion VND, representing 81.7% of the annual budget and a 20.3% increase year-on-year. Detailed breakdowns show substantial growth in revenue from various sectors. Collections from the non-state industrial, commercial, and service sectors increased by 35.9%. Revenue from foreign-invested enterprises saw a remarkable surge of 92.9%. Fees and charges also experienced a significant rise of 164.8%. Furthermore, revenue from import-export activities reached 2.048 trillion VND, exceeding the annual budget by 110.7% and growing by 71.1% compared to the same period last year. With these positive results, Nghe An Province is gaining momentum towards its ambitious goal of achieving 35 trillion VND in total revenue for the year. The province had initially set a target of 23.340 trillion VND for 2026, with domestic revenue projected at 21.400 trillion VND and import-export revenue at 1.850 trillion VND. In Vietnam's one-party system, the achievement of local government revenue targets is a key indicator of economic development. Nghe An's robust revenue growth suggests its role as a significant contributor to Vietnam's overall economic expansion. The substantial increase in revenue from foreign-invested enterprises, in particular, may reflect improvements in the investment climate within the province and the effectiveness of Vietnam's broader economic opening policies. Concurrently, the rise in land use fees could indicate a vibrant real estate market and progress in urban development.