An AI tool is expected to be launched next week to control revenue and trading on e-commerce platforms, said Deputy Prime Minister and Minister of Finance Ho Duc Phoc during the discussion session at the ongoing session of the 15th National Assembly (NA).

Regarding e-commerce platforms, Mr. Phoc reported that the tax authority has already implemented tax collection for cross-border e-commerce platforms from 102 foreign suppliers, including Facebook, Google, etc., with a total tax revenue of VND18.6 trillion (over $732 million) collected so far. For domestic e-commerce platforms, tax collection started this year, and Hanoi and Ho Chi Minh City alone have collected VND35 trillion (over $1.37 billion), as a result.

At its plenary session on November 5, the NA discussed the implementation of the state budget in 2024, and the state budget estimate and the plan for allocating the central budget in 2025, and other important issues.

Deputy Prime Minister Phoc stated that the Government has implemented an expansionary fiscal policy over the past four years by deferring and reducing various taxes and fees totaling nearly VND800 trillion (more than 31.5 billion) to recover and stimulate production and business activities during the economic downturn caused by the pandemic and global conflicts.

Despite this, the budget has also exceeded the target by nearly VND1 quadrilion (nearly $39.4 billion) over the past four years, enabling investment in key infrastructure projects such as expressways, seaports, airports, and social welfare programs, according to the Deputy Prime Minister.

This achievement was made possible partly thanks to the transformation of the tax and customs services from manual to electronic methods.

Alongside this, many comprehensive measures have been implemented decisively, including the issuance of electronic invoices, data integration with cash registers, requiring invoice issuance for every payment; strengthening tax management through cross-border e-commerce platforms, domestic e-commerce platforms, and real estate transfer transactions.