Budget revenue poses as challenge

The General Department of Vietnam Customs is assigned to collect 12 billion USD in budget revenue. However, many duty items have been sharply reduced under the country’s FTA commitments, leading expected revenue to fall by 580 million USD to 11.4 billion USD currently.

Moreover, many companies have delayed paying tax, suspended or ended operations, leaving the debt collection process a challenge.

Strengthening revenue collection and preventing revenue losses, as well as accelerating the confiscation of goods have been raised as some of the measures to increase budget revenue.