Tax agencies issued decisions to refund Value Added Tax (VAT) for businesses totaling nearly over VN29.2 trillion ($1.12 billion) as of March 23 this year, according to the Ministry of Finance.

The figure represents a year-on-year increase of 8%.

In terms of tax-refunded sectors, exports accounted for the largest share, with over VND26.1 trillion (over $1 billion) or 89% of the total, and surging 6% compared to the same period last year.

Meanwhile, investment projects got a refund of more than VND2.92 trillion ($112 million), accounting for 10% of the total and up 39% year-on-year.