HCM City Customs Collects VND81 Trillion for State Coffers

1:42:47 PM | 4/11/2020

The value of exports and imports across Ho Chi Minh City border gates totaled US$88.2 billion as of October 13, 2020, down 2.97% year on year, including US$43.3 billion of exports, up 1.05%, and US$44.9 billion of imports, down 6.56%, said the HCM City Customs Department.

The decline in imports and exports directly impacted budget revenue collected by the department. High-taxed commodities (automobiles, steel and petroleum products) tumbled.

Meanwhile, importing activity was stable thanks to lower taxes (most were levied 0% tax as a result of FTAs). Thus, the tax growth, mainly driven by VAT, could not offset the reduced tax.

The tax revenue collected by the HCM City Customs Department was VND81,213 billion as of October 22, 2020, equal to 67.1% of the target of VND121 trillion, down 15.7% year on year.

Source: Vietnam Business Forum