Budget revenue from foreign trade rises over 22 percent in Q1
The State budget revenue from export and import reached 107.3 trillion VND (nearly 4.7 billion USD) in the first quarter of 2022, up 22.44 percent year on year.
Hanoi (VNA)– The State budget revenue from export and import reached 107.3 trillion VND (nearly4.7 billion USD) in the first quarter of 2022, up 22.44 percent year on year.
This is equivalent to 30.5 percent of the year’starget, according to the General Department of Vietnam Customs.
Alsoin Q1, the customs sector coordinated with relevant agencies to uncover 3,706violation cases involving over 1.28 trillion VND worth of goods, collectingover 69.9 billion VND for the budget.
VietnamCustoms said it launched a crackdown on smuggling, trade frauds, counterfeits,and illegal cross-border transportation of goods throughout the Lunar New Yearholiday early this year, thereby helping curb the wrongdoings.
Meanwhile,drug trafficking was relatively complicated and serious, the authority noted,adding that it discovered many cases trafficking drugs from theUS, Canada, and Europe to Vietnam and from Vietnam to Hong Kong (China)./.
State budget collection in 2022 is expected to reach over 1.41 quadrillion VND (61.7 billion USD), while expenditure is estimated at about 1.78 quadrillion VND (78.05 billion USD), up 4.5 percent compared to that in 2021, according to a report on State budget estimates for 2022 that has been made public by the Ministry of Finance.
The Government has issued Resolution No. 01/NQ-CP on the main tasks and solutions for implementing the socio-economic development and State budget plans for 2022.
Vietnam’s Government slashed the value-added tax (VAT) rate from 10 to 8 percent earlier this month – a move that cost the State budget 49.4 trillion VND (2.2 billion USD) but, along with other support, is expected to help boost the pandemic-hit economy.
Surging crude oil prices and earnings from real estate have pushed up Ho Chi Minh City’s state budget collection by nearly 15 percent in the first two months of 2022, as compared with the corresponding time last year.
State budget collection was estimated to exceed 276.66 trillion VND (12.11 billion USD) in the first two months, up 7.7 percent from the same period last year, according to the General Department of Taxation.
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A footwear factory in Vietnam (Photo: VNA) 
