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Thursday, June 13, 2024

State budget takes hit as foreign trade plummets

By N. Tan

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HCMC – The state budget has suffered a significant blow as import-export revenue has declined, according to official data.

From January to June, foreign trade plunged 15%, resulting in a 19.9% year-on-year drop in state budget revenue.

The General Department of Vietnam Customs reported that state budget revenue from import-export activities in the first half of the year totaled over VND183.7 trillion, equivalent to 43.23% of the projected amount.

Although there was a 3.6% month-on-month increase in the total value of imported and exported goods in June, the cumulative figures for the first six months still edged down.

The total value of Vietnam’s imports and exports in the first half of the year dropped 15.1% year-on-year to US$316.6 billion, equivalent to a fall of US$56.54 billion.

To reach the budget revenue target of VND425 trillion assigned by the National Assembly this year, Vietnam Customs plans to collaborate closely with various ministries and sectors to implement the national single window mechanism and the ASEAN single window mechanism to create favorable conditions for trade with other Southeast Asian nations.

The customs is focused on developing a comprehensive plan to enhance the information technology system, adopting a centralized processing approach. Additionally, an action plan is underway to implement the national single window mechanism throughout 2023, with the goal of streamlining customs procedures and improving efficiency.

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