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Wednesday, October 5, 2022

Budget collection from imports, exports rises over 24% in Jan-Feb

The Saigon Times

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HCMC – The State budget earned VND69,250 billion (US$3 billion) of tax revenue from imports and exports in the first two months of 2022, soaring 24.45% against the same period last year and fulfilling 19.7% of the entire year’s target.

The General Department of Vietnam Customs is expected to collect VND352 trillion for the State budget this year, including VND7.2 trillion from export tariffs, VND56.9 trillion from import tariffs, VND27.2 trillion from excise tax, VND1.17 trillion from environmental protection tax, VND259.5 trillion from value-added tax, and VND51 billion from other sources.

Data from the General Statistics Office showed that Vietnam’s total import-export turnover hit US$109.62 billion in the first two months, rising 14.2% year-on-year.

The country exported goods worth US$54.52 billion, rising 11.7% year-on-year, while spending US$55.1 billion on imports, increasing 16.7% year-on-year.

As imports grew faster than exports, the country incurred a trade deficit of US$581 million. 

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