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State budget collection from export-import drops in January

State budget collection from export-import activities in January topped 24.8 trillion VND (1.07 billion USD), or 5.8% of the estimate, down 42.3% annually, reported the General Department of Vietnam Customs (GDVC).
State budget collection from export-import drops in January ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNA) – State budget collection from export-import activities in January topped 24.8 trillion VND (1.07 billion USD), or 5.8% of the estimate, down 42.3% annually, reported the General Department of Vietnam Customs (GDVC).

This year, the National Assembly assigned the GDVC to collect 425 trillion VND in revenue to the State budget, based on the estimate that the gross domestic product grows 6-6.5%, the price of crude oil stands at 70 USD per barrel, export turnover increases by 8-9% while imports rises by 7-8%.

The sector will closely monitor tax exemptions, reductions and refunds to ensure that they target the right beneficiaries in line with regulations.

At the same time, the GDVC will step up reform and simplification of procedures, including partnering with banks to launch the pilot of an electronic tax payment portal.

It will also strive to prevent tax debts as of December 31, 2023 from rising higher than that recorded on December 31, 2022.

Also in January, Vietnam’s total export-import value was estimated at 46.56 billion USD, down 17.3% month-on-month and 25.01% year-on-year.

Of the figure, 25.08 billion USD was exports and the remainder was imports, marking respective decreases of 13.66 and 21.3% and bringing a trade surplus of 3.6 billion USD to Vietnam./.

VNA
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