Log in
Business

Vietnam customs revenue hits over US$3.8 billion in Q1

Resumption of economic activities as a result of effective Covid-19 containment has created room for strong rise in trade activities, stated the customs authorities.

Vietnam’s customs revenue in the first quarter of the year rose by 12.17% year-on-year to VND88.45 trillion (US$3.83 billion), or 28.1% of the yearly estimate.

 Haiphong port. Photo: Kinhtedothi

Customs authorities in eight provinces/cities, including those in Ho Chi Minh City, Hanoi, Haiphong, Ba Ria Vung Tau, Dong Nai, Binh Duong, Bac Ninh and Ha Nam, collected 80% of the total, or VND68.21 trillion (US$2.95 billion), stated the General Department of Vietnam Customs (GDVC) in a report.

“Resumption of economic activities as a result of effective Covid-19 containment has created room for strong rise in trade activities,” it added.

During the January – March period, Vietnam’s trade turnover surged by 25% year-on-year to US$153.65 billion, of which exports expanded by 23.3% to US$78.17 billion and imports of US$75.47 billion, representing an increase of 26.6%.

According to the GDVC, crude oil prices rising to nearly US$60 per barrel, along with hikes in transportation costs and material prices also contributed to higher revenue from import-export activities.

The GDVC also pointed out drastic measures from the government in facilitating trade and enhancing state management efficiency in preventing losses from state budget collection resulted in the declension of tax arrears rate as of February 28 of 0.47% against late 2020.

For this year, the GDVC targets customs revenue of VND315 trillion (US$13.65 billion), in which value added tax makes up a lion’s share of VND230 trillion (US$10 billion).

Such estimate is based on the assumption of GDP growth at 6% and crude oil price of US$45 per barrel.

Reactions:
Share:
Trending
Most Viewed
Related news
Green logistics becomes a must for Vietnamese firms

Green logistics becomes a must for Vietnamese firms

Experts have called for greater policy dialogue, technology transfer and investment collaboration to enable Vietnamese logistics companies to implement green transformations effectively.

Coca-Cola inaugurates US$136 million green-certified plant in Vietnam

Coca-Cola inaugurates US$136 million green-certified plant in Vietnam

The new plant is the company’s largest of its three production facilities in Vietnam.

Vietnam pledges deeper reforms: Prime Minister

Vietnam pledges deeper reforms: Prime Minister

The government is transitioning from a passive management approach to an active service delivery model to optimize conditions for both citizens and enterprises.

Hoa Phat to build US$130-million industrial park in northern Vietnam

Hoa Phat to build US$130-million industrial park in northern Vietnam

The Hoang Dieu Industrial Park is poised to become a premier destination for domestic and international investors in northern Vietnam.

Vietnamese firms seek to export to South Korea

Vietnamese firms seek to export to South Korea

The goal of Vietnamese businesses aims to seek buyers and connect with strategic partners at the fair.

No eco-industrial parks certified in Vietnam

No eco-industrial parks certified in Vietnam

High costs, technological limitations, and a lack of regulatory policies prevent industrial parks from going green.

iTech Expo 2025 opens in Ho Chi Minh City

iTech Expo 2025 opens in Ho Chi Minh City

The event fosters networking and innovation amid global market shifts.

Hanoi decides on US$17 million aid package for local farmers

Hanoi decides on US$17 million aid package for local farmers

The financial package will support Hanoi's farmers and producers in the face of natural disasters and diseases.