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Thursday, April 25, 2024

Tax collections from foreign trade slide 2.4% in Jan-Feb

The Saigon Times

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HCMC – Tax collections from Vietnam’s foreign trade in the first two months of 2024 slipped by 2.4% over the same period last year, according to the General Department of Vietnam Customs.

Total trade in January-February amounted to US$113.96 billion, up by 18.6% year-on-year. Exports in the two-month period grew by 19.2% year-on-year to US$59.34 billion, while imports rose by 18% to US$54.62 billion, resulting in a trade surplus of US$4.72 billion.

Vietnam Customs noted persistent challenges in combatting smuggling and fraudulent trade, highlighted by increased illegal transportation of fireworks during the Lunar New Year holiday season.

Illicit drug trafficking across borders continued, with significant activities observed through international airports such as Noi Bai, Tan Son Nhat, and Danang, as well as overland routes from Laos into Vietnam.

Customs authorities identified and handled 1,222 cases of customs law violations, with an estimated value of VND1.6 trillion.

This year, the National Assembly has assigned a budget revenue target of VND375 trillion to Vietnam Customs, with VND204 trillion expected to come from import and export activities.

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