FDI businesses nearly double payment to Hai Duong budget

The FDI sector makes the largest payment to the budget among 15 tax revenue sources, nearly double the same period last year (illustrative image)

The tax sector collected nearly 8,207 billion VND for the domestic budget in the first seven months of 2023, equivalent to 72% of the estimate for 2023 and up 19% year on year, according to the Hai Duong Department of Taxation.

The revenue was exclusive of land use fees, lottery, and dividend profit.

The foreign direct investment (FDI) sector made the largest contribution among 15 sources of revenue with 4,137 billion VND, or 92% of the yearly estimate, nearly twice as high as the same period in 2022, and accounting for 42.2% of the province’s domestic budget revenue.

Typically, Ford Vietnam Co., Ltd. paid 1,899 billion VND to the budget, 3.2 times higher than the corresponding period last year. It was attributed to good sales of its domestically produced and assembled cars.

The non-State sector made the second largest payment of more than 1,694 billion VND, completing 61% of the estimate and equaling 89% of last year’s figure.

Coming third was revenue from land use fees, close to 1,553 billion VND, meeting only 42% of the estimate because of a dull real estate market.

Personal income tax was the fourth largest contributor to the budget with over 711 billion VND, reaching 73% of the estimate and equivalent to 97% of the same period in 2022.

HA KIEN