Last year, Vietnam’s Quang Nam province recorded tax revenue of VND 31,781 billion (US$1.3 billion), however, this year it is expected to record tax revenue of just VND 23,951 (US$986 million), Tuoi Tre is reporting. This has been attributed to a substantially reduced contribution from automaker Truong Hai Group, which normally accounts for about half of Quang Nam’s provincial budget.
Car sales have been down this year which is in line with a broader economic downturn as Vietnamese tighten their belts and shy away from big purchases.