Minister of Finance Ho Duc Phoc has called on the tax sector to speed up the digitization process, with a tax data and e-invoice data center to be developed.

Speaking at a conference on December 15 to review tax work in 2022 and identify solutions for next year, Minister Phoc said that “in the context of numerous challenges, digitization is key to helping the tax sector fulfill and exceed the estimate of nearly VND1.4 quadrillion ($59 billion) in State budget revenue for 2023.”

According to the General Department of Taxation, total State budget revenue in 2022 managed by tax authorities is estimated at VND1.46 quadrillion ($62 billion), exceeding the initial estimate by VND285 trillion ($12 billion) and up 8.5 per cent year-on-year.

All bar one locality has exceeded their State budget revenue estimates, with Ho Chi Minh City and Hanoi each collecting over VND300 trillion ($12.6 billion) in taxes and fees this year.

Eight localities saw tax and fee collections surpass the VND30 trillion ($1.26 billion) mark: Ba Ria-Vung Tau, Hung Yen, Binh Duong, Dong Nai, Quang Ninh, Hai Phong, Thanh Hoa, and Vinh Phuc.