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VietNamNews

State budget revenue drops despite increase in imports

Update: April, 06/2013 - 09:16

HA NOI (VNS)— Imports and exports in the first three months totaled US$58.8 billion, up 18.3 per cent over the same period last year.

Meanwhile, the State budget revenue from imports and exports reached VND41.15 trillion ($1.9 billion), equal to 17.3 per cent of the estimate – a drop of over VND3.4 trillion ($162 million) or 7.7 per cent year-on-year, according to the Ministry of Finance.

After VND14 trillion ($667 million) in value added tax was refunded, the State budget revenue from import-export in the first quarter stood at VND27.15 trillion ($1.3 billion), or 16.2 per cent of the estimate – down 10.7 per cent year-on-year.

The decline was attributed to the sharp decline in trade of items subject to high tariffs, such as automobiles, said the finance ministry.

Under Viet Nam's commitments to free trade agreements, import duties on a number of products will be gradually lowered.-VNS


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