State budget revenue in the first eleven month of the year is estimated at nearly VND1.64 quadrillion ($67 billion), equal to 116.1 per cent of the target and up 17.4 per cent year-on-year, according to the Ministry of Finance.

Central budget collections were 114.9 per cent of the target and local budget collections 117.4 per cent.

The rise was attributed to sustained economic recovery and growth, as seen in the nine-month GDP expansion of 8.83 per cent, along with retail sales rising 17.5 per cent, the Index of Industrial Production 8.6 per cent, and exports 13.4 per cent, for a trade surplus of $10.6 billion in the first eleven months.

Price hikes in oil, certain commodities, and input materials also led to an increase in collections from crude oil and foreign trade. Taxation and customs agencies also enhanced their tax management.

State budget spending, meanwhile, stood at almost VND1.36 quadrillion ($55 billion) year-to-date as of November, equal to 76.2 per cent of the target and up 7.1 per cent year-on-year.

The ministry said budget spending tasks were carried out as planned, meeting demand for socio-economic development, defense and security, State management, debt repayments, the settlement of the consequences of natural disasters and disease outbreaks, and ensuring social security.