Hanoi's budget revenue in the first seven months of the year rose 24.9% year on year to more than VND167.7 trillion (US$7.1 billion), according to the Hanoi Tax Department.

Officers are working at Nam Tu Liem District's Tax Sub-department. Photo: kinhtedothi.vn

The figure was equivalent to 59.5% of the estimate, higher than the rate of the whole country.

Specifically, revenue from securities, real estate and banking increased sharply year on year. Tax revenue from securities transactions reached VND2.1 trillion ($89.6 million), up 74% while collection from real estate and construction reached VND5.9 trillion ($251.9 million), up 37%. Tax receipts from the banking sector hit VND21.6 trillion ($922.8 million), an increase of 93%.

Nguyen Tien Truong, Deputy Director of the Hanoi Tax Department, said that the high tax collection is attributable to the department's effective tax management and anti-corruption measures.

The department has also implemented a plan to manage revenue sources through closely monitoring business and production results of local enterprises and taxpayers.

"In the context that local businesses have overcome the difficulties of the Covid-19 pandemic, the tax authority continues creating the best conditions for taxpayers to fulfill their obligations," he said. 

The municipal tax authority has strengthened the implementation of tax management solutions to step up support and remove difficulties for enterprises to stabilize and expand their businesses, as well as to nurture sustainable sources of revenue for the state budget and create new ones.

The department will also focus on revenue management in the field of digital-based business so that more effective policies and management methods will be applied in the coming time.