The city’s import and export tax revenue in January-June has amounted to VND53.2 trillion, increasing 9.9 percent compared to the same period last year and accounting for 48.8 percent of the full-year target of VND109 trillion.

Therefore, the department will have to collect VND55.8 trillion in the rest of the year.

The department credited the rise to a pickup in tax collections from key imported products, including iron, steel, completely-built-up (CBU) autos under nine seats, computers, and electronic products and parts, according to a report the department sent to the general Department of Vietnam Customs.

However, the department noted, imports of some major products have been in decline, thereby dealing a budget collection shortfall. For instance, fuel imports have plunged, with 981,800 tonnes imported in the first half of this year, down from over 2.15 million tonnes a year ago.

The city imported more than 2,500 CBU autos under nine seats worth $35.08 million in the second half of May while the respective figures in the first half of this month were over 1,600 units and $20.07 million.

The city saw its January-June export turnover rising 16.8 percent year-on-year to over $19.96 billion and its import bill surging 19.3 percent to $23.1 billion, leaving a trade deficit of $3.14 billion.