HÀ NỘI — Việt Nam is facing growing pressure to maintain its State budget balance as it extends tax and fee cuts to support businesses and sustain economic growth amid global uncertainty, requiring an effort to enhance spending efficiency and flexible fiscal management.

Statistics from the Ministry of Finance show that State budget revenue totalled nearly VNĐ604 trillion (US$23 billion) in the first two months of 2026, equivalent to 23.9 per cent of the full-year target and up 13.5 per cent from the same period last year.

The increase came despite the continued implementation of tax and fee reductions worth more than VNĐ30 trillion aimed at helping businesses and households recover production and business activities.

However, experts noted that while fiscal support is considered necessary in the short term to stimulate economic recovery, it also narrows fiscal space at a time when spending needs continue to rise.

While domestic revenue continued to serve as the main driver of the State budget, totalling VNĐ561.5 trillion over the two-month period, up 15.7 per cent on-year and signalling a clear business sector recovery, some other revenue sources showed signs of decline.

Revenue from crude oil and import-export firms continued to be affected by fluctuations in global commodity prices and international trade.

This trend highlights the need for Việt Nam to further restructure its revenue sources toward a more sustainable model, reducing reliance on cyclical revenues that are vulnerable to external shocks, experts say.

Minister of Finance Nguyễn Văn Thắng said macroeconomic stability would continue to face pressures from external factors this year, while growth targets for the first quarter and the full year remain challenging.

He pointed out that monetary and foreign exchange markets still faced potential pressures, while deposit and lending interest rates tended to rise.

At the same time, volatile prices for oil, gas and other production inputs were increasing costs for businesses and affecting the State budget revenue, he added.

“While production and business, trade and investment continue to be influenced by developments in the global economy, as trade balances with several major markets are becoming less stable than expected, fiscal policy must be managed more proactively and flexibly to ensure macroeconomic stability and sustain growth,” Thắng said.

Against this backdrop, tax and fee reductions would be seen as an important tool to stimulate aggregate demand, reduce costs for businesses and support recovery, he said.

Nguyễn Quốc Việt from the University of Economics and Business at Vietnam National University Hà Nội said fiscal policy should aim to expand the tax base and restructure revenue sources to ensure sustainable funding for rapid growth.

In the short term, targeted tax relief remained necessary to support businesses during the transition to new growth models, he said, stressing that fiscal policy should also be used as a tool to encourage research and development and technological adoption.

It was also necessary to improve the efficiency of public expenditure together with strengthening financial discipline, reducing recurrent spending and prioritising development investment, Việt noted.

Achieving higher growth in the next few years would require better coordination between fiscal policy, monetary policy and other macroeconomic measures, including raising resources through the Government bond market, institutional reforms and improving the investment and business environment.

Việt Nam has set a target of reaching two-digit growth in the next five-year period and becoming a high-income country by 2045. — VNS