Ford Vietnam’s budget payment makes up nearly 55% of revenue from FDI sector

Nearly 55% of domestic budget revenue from foreign-invested enterprises comes from Ford Vietnam Co., Ltd. (illustrative image)

According to the Taxation Department of Hai Duong province, by the end of January, domestic budget revenue from enterprises with foreign direct investment (FDI) had reached 1,331 billion VND, equivalent to 29.6% of the year’s estimate, 2.2 times higher than the same period in 2022.

Among enterprises paying higher than the same period last year, Ford Vietnam Co., Ltd. recorded the highest payment, 728.7 billion VND, accounting for 54.7% of revenue from the sector, four times higher than the corresponding period in 2022. It was due to a hike in the sales of domestically assembled cars (more than 3,600 cars in January 2023 compared to nearly 850 cars in January 2022).

Some other businesses paying large amounts to the budget included Jaks Hai Duong Power Co., Ltd. and contractors with 166 billion VND and Brother Industries (Vietnam) Ltd. with 44 billion VND, up 41% and 63% year on year, respectively.

Among three domestic budget revenues exceeding 100 billion VND in January, revenue from the FDI sector came first, followed by revenue from the non-State industrial, commercial, and service sector with more than 480 billion VND. Revenue from personal income taxes ranked third with nearly 110 billion VND.

SONG TUONG