HANOI, June 11 (Xinhua) -- Vietnam's state budget collection reached over 1.1 quadrillion Vietnamese dong (approximately 42.3 billion U.S. dollars) in the first five months of 2025, marking a 24.5 percent year-on-year increase, according to the Ministry of Finance.

This figure represents 57.9 percent of the full-year revenue target, Vietnam News Agency reported on Wednesday.

Domestic revenue rose sharply by 27.6 percent compared to the same period last year, totaling 987.5 trillion dong (38 billion dollars), or 59.2 percent of the annual target.

Mai Xuan Thanh, director of the ministry's General Department of Taxation, said domestic tax revenue from goods and services increased by 18.3 percent year-on-year between January and May.

This is a relatively high increase, reflecting the positive momentum of economic recovery, he said.