The international border gate of Lao Cai province. (Photo: laocai.gov.vn)
The international border gate of the northern province of Lao Cai reported that cross-border trade through the gate exceeded 254 million USD in the first three months of 2017, reaching 28 percent of its yearly plan.
The figure also represents a rise of more than 10 percent compared to Q4 2016, said the customs office at the border gate.
Goods exported via the gate were mainly iron ore, footwear, agricultural products, confectionary and milk. Meanwhile, imports included agricultural products, fertilisers, chemicals, steel, machinery and rubber products.
About 237.6 billion VND (10.4 million USD) were collected for State’s budget in the reviewed period, an increase of nearly 40 percent compared to the previous quarter and 240 percent year-on-year.
Lao Cai province and customs sector have streamlined customs clearance procedures for businesses and reduced many types of fees at the border gate, contributing to the growth.
According to management agencies, this is a positive sign given that China tightens policies for import-export products and implements tax reduction under free trade agreements./.