In spite of a 15 percent increase in import and export values of the country in the first five months of the year, tax revenues from these activities have shrunk by some 5 trillion dong year-on-year.
The general Department of Customs reported the total trade volume – import and export – amounted to $86.3 billion as of May 31, rising 14.6 percent year-on-year. Meanwhile, tax collection from foreign trade totalled a mere 81.5 trillion dong, meeting only 36.4 percent of the target of 223.9 trillion dong for the whole year and falling by 5.7 percent from the year-ago period. As such, the monthly tax collection of the customs sector averaged out at 16.3 trillion dong, tumbling by 987 trillion dong a month compared to the same period last year.
The dwindling tax amount is due to the current global economic slump and import tariff cuts in line with free trade agreements between Vietnam and other nations, said the department.
In the January-May period, Vietnam earned nearly $42.9 billion in exports, a rise of 24.1 percent year-on-year, said the Import Export Department under the Ministry of Industry and Trade.
Meanwhile, total import values of the nation in the first five months of the year reached $43.48 billion, a year-on-year pickup of only 6.6 percent. That means the country’s foreign trade was almost balanced, with the trade deficit of only $580 million.
Export performance in the year to date has been impressive, according to the Ministry of Industry and Trade.
The nation reaped $9.1 billion from exports last month, up by 1.5 percent from April and by 25.8 percent year-on-year, with export revenues of foreign-invested companies excluding crude oil amounting to $4.78 billion.
The ministry ascribed the export values increase to an upsurge in export volumes and better prices of a number of commodities.
Compared to the same period last year, the average prices of some types of goods have been better, with prices of pepper rising by 24 percent, crude oil by 10.3 percent, ore and mineral by 230.2 percent.
Also, the prices of agri-products like cashew nuts, coffee and tea experienced a mild decrease but their export volumes sharply increased owing to strong appetite from foreign buyers.
Notably, most of the traditional trade partners of Vietnam, including Japan, the US, Europe, and the Association of Southeast Asian Nations (Asean) and China, posted positive growth rates.
Export volumes to the US went up by 19.8 percent, making up 17.3 percent, and the volume bound for the EU surged by 21.6 percent, accounting for 17.1 percent of the total volume. Export volumes to Asean rose by 19.5 percent, equivalent to 14.4 percent of the total, while the volume exported to Japan and China soared by 41.6 percent and 33.3 percent, making up 12.3 percent and 11.7 percent respectively.