According to the Ho Chi Minh City Customs Department, in the first 5 months of the year, the import and export turnover of petroleum products of all kinds increased by 10.2% compared to the same period in 2023. However, the tax revenue to the state budget only increased by about 0.73 billion VND due to the impact of preferential import tax rates from the ASEAN market.

It is known that instead of importing gasoline from Korea with a tax rate of 8%, businesses have switched to importing gasoline from ASEAN with a tax rate of 5%, DO oil and FO oil at 0%.

Besides gasoline, the import-export turnover of steel products of all kinds increased by 30.5% compared to the same period in 2023. However, the state budget tax revenue only increased by about 470.1 billion VND because the civil construction market has not really recovered, so the inventory is large.

The two typical items mentioned above partly explain the reason for the decline in the state budget revenue of Ho Chi Minh City Customs. In addition, the state budget revenue of Ho Chi Minh City Customs is also affected by the policy of reducing the VAT rate by 2%. Accordingly, the reduction in VAT helps create favorable conditions for businesses, but the VAT revenue has decreased in the first 5 months of 2024 by 2,000 billion VND.

In addition, the traffic system around the ports and the road system, especially the beltway system 2, 3, 4 is not complete, often causing congestion on the roads to Cat Lai port, ICD Phuoc Long, Tanamexco, Transimex ports. Construction activities of infrastructure projects such as highways also cause traffic congestion, increase transportation costs due to increased fuel prices and road tolls... causing import and export goods to shift to other localities.

According to VTV