Thursday, 23 May 2019

Vietnam's customs revenue up 7.27% in Jan – Nov

Updated at Friday, 07 Dec 2018, 10:33
The Hanoitimes - The revenue is equal to 100.42%% of estimation and meets 97% of the 2018 target.
Vietnam`s customs revenue reached VND284.2 trillion (US$12.22 billion) in the first 11 months of 2018, equivalent to 100.42% of the estimation and up 7.27% compared to the corresponding period last year, according to the General Department of Vietnam Customs (GDVC).
Illustrative photo.
Illustrative photo.
The revenue is equal to 97% of the 2018 target.

According to the GDVC's Import-Export Tax Department, the result is partly thanks to an increase in the import-export duty revenue in the January - November period, growing by 13.3% year-on-year, of which export tariff revenue increased by 14.5% and that of import 12.1%. 

Moreover, imported petroleum products and crude oil have significantly increased in terms of quantity and value. Currently the crude oil price fluctuates around US$70 per barrel, higher than the original estimation of US$50. This resulted in an increase of VND20 trillion (US$860.13 million) in revenue from oil import compared to the estimation, and up VND3.7 trillion (US$159.12 million) year-on-year. 

The GDVC also informed that it has signed cooperation agreements for state budget collection with 39 commercial banks, in which 24 have provided online tax payment and custom clearance. 

As of November, online tax collection through banks reached VND270 trillion (US$11.61 billion), contributing 95% to the total of VND284.2 trillion (US$12.22 billion). 

In a meeting on April 6, Luu Manh Tuong, director of the Import - Export Department, said it would be challenging to achieve the revenue expectation of VND293 trillion (US$12.9 billion) in 2018. 

Specifically, forgone revenue from FTAs in 2018 is expected at VND30.1 trillion (US$1.3 billion).

Additionally, the import tariffs for auto parts will be removed as stipulated in the ASEAN trade in Goods Agreement (ATIGA) and the ASEAN - China Free Trade Area (ACFTA), revenue from car import will be refunded to enterprises.

To achieve revenue target in 2018, Tuong stressed the necessity of creating favorable conditions for enterprises and preventing them from exploiting loopholes in policies. Concurrently, it is essential to timely identify smuggling and trade fraud activities to avoid losses to the state budget. 
Ngoc Thuy
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