Ho Chi Minh city customs sees 20% rise in budget collection

As of March 20th, budget collection in Ho Chi Minh city reached VND20.746 trillion, up nearly 20% compared to the same period of 2016 or fulfilling 19% of the year’s plan, reported the city Customs Department.

Photo for illustration. (Source: haiquan.hochiminhcity.gov.vn)

According to the Department, the sharp increase in the budget collection in the first quarter of 2017 came from stable growth of export and import turnover. Import turnover is estimated to hit USD11.2 billion, up 20%, while exports were valued at USD9.33 billion, up more than 10%.

During the period, collection from export and import activities increased by VN3.5 billion over a year earlier.

However, Mr. Nguyen Quoc Toan, Deputy Head of the Export and Import Tax Office under the city Customs Department, said from the beginning of the year, many factors affected the budget collection situation. Specifically, preferential tariff lines, especially those in Free Trade Agreements, continued to fall from 1% to 3% or even many lines came to 0%.

Meanwhile, autos with less than nine seats from ASEAN had import tariff reduction from 40% to 30% and the rate will reduce to 0% as of January 1st, 2018.

Aiming to offer opportunities for enterprises to increase revenue and fulfil the budget collection duty in 2017, the city’s Customs sector set the target of reducing customs clearance from 108 hours to 70 hours for export commodities and from 138 hours to 90 hours for import goods./.


Link http://news.c10mt.com/search/label/vietnambreakingnews and http://news.c10mt.com