Vietnam import tax collection falls as trade hit by coronavirus

By Dat Nguyen   March 1, 2020 | 03:30 pm GMT+7
Vietnam import tax collection falls as trade hit by coronavirus
A container seen at the Kim Thanh Border Gate No.2 with China in Lao Cai Province on February 16, 2020. Photo by VnExpress/Giang Huy.
A slump in trade caused by the novel coronavirus outbreak has hit import tariff revenues in the first two months.

Tax collection value fell 8 percent year-on-year to VND49.7 trillion ($2.1 billion), according to customs data.

In February alone imports of cars fell 57 percent year-on-year to $134 million.

Fuel imports were down 23 percent to $345 million and steel down 18 percent to $540 million.

Customs authorities said tax collection in the next 10 months will need to exceed the first two months’ average by 14 percent to meet the year’s target of VND338 trillion ($14.6 billion).

Vietnam’s trade with China has hit roadblocks since the outbreak as trade by road, air and sea have all been limited in an effort to contain it.

The epidemic broke out in Wuhan, China, in December and has spread to 63 countries and territories, infecting nearly 87,000 and killing almost 3,000 people.

 
 
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