Khanh Hoa Province has recently reported significant strides in its budget revenue, reflecting Vietnam's potential for export competitiveness. According to the provincial government, as of February 27, 2025, the total revenue reached 5,006 billion dong, which equates to 20.77% of the annual target.
Primarily driven by domestic sources, the provincial income was 4,728 billion dong, achieving 22.04% of its target. Notably, the government’s proactive strategies have resulted not only in increased tax revenues but also boosted many sectors, particularly manufacturing, trade, and tourism.
With the ambitious goal of accumulating 24,100 billion dong by the end of 2025, which includes 21,450 billion dong from domestic revenue and 2,650 billion dong from imports and exports, Khanh Hoa’s authorities are implementing strict measures to facilitate increased production and trade flow.
"The provincial budget revenue has seen substantial increases owing to efficient governance and strategic initiatives," noted the Khanh Hoa provincial government report. This indicates the region's responsiveness to economic opportunities and its ability to adapt to the current global markets.
The local economy has benefited immensely from the revival of several sectors, particularly within the tourism industry due to operational support from the government. This trend signifies the effective implementation of strategies targeted at enhancing local business capabilities and attracting foreign investment.
On the customs front, the performance has been equally impressive. Customs revenue alone has shown impressive growth, with 141 billion dong collected, representing a 13% increase year-on-year. This growth reflects the area’s increasing trade activity, even amid global economic uncertainties.
Focusing on the first two months of 2025, the Lao Cai customs checkpoint recorded significant trading volumes. Although the total value of imports and exports decreased slightly by nearly 200 million USD compared with the previous year, it still indicates resilience amid various challenges.
A slowdown was observed particularly for agricultural products, with stringent regulations from China impacting the exports of key Vietnamese fruits such as durian and watermelon. Nevertheless, efforts are underway to improve customs infrastructure and procedures to support trade seamlessly.
The customs authorities are committed to enhancing their operational capabilities. They have set ambitious goals to facilitate trade worth 9 billion USD through border checkpoints by the end of 2025, aiming for more extensive growth than previously achieved.
Overall, as Khanh Hoa Province continues to follow these strategies and builds on its recent achievements, the prospects for revenue growth and enhanced competitiveness on the global stage look promising. Stakeholders are optimistic about the potential for sustained improvements not only for the province but for Vietnam's economy at large.