Customs collects VND 67,400 billion of tax in the first quarter 2018

VCN- According to the statistics from the GDVC, total Tax revenues in the first quarter 2018 is estimated at VND 67,400 billion, accounting for 23.82 % of the estimate, equivalent to 23% of the desired target, reducing 3.06% compared to the same period in 2017.   
customs collects vnd 67400 billion of tax in the first quarter 2018
Customs officer of Thai Nguyen Customs Department (Bac Ninh Customs Department) inspect imported goods at Off-airport cargo terminal in Yen Binh Industrial Park. Photo: T.Tr

Only in March, the revenues collected by the entire Customs sector was estimated at VND 23,500 billion, a sharp increase compared to February 2018. The achieved revenues was due to the increase in import and export turnover of many commodities.

The export and import activities showed that in March, 2018 the turnover of major export commodities, such as telephones and accessories was estimated at US$ 5 billion, increasing by 47.1% compared to the previous month; Textiles and Garments was estimated at US$ 2.2 billion, increasing by 35% compared to the previous month; Computer, electronic products and components reached US$2.2 billion, increasing 28%; Footwear reached US$ 1.2 billion, increasing by 43.3% compared to the previous month; Wood and wooden products was estimated at US$ 700 million, increasing by 60.1% compared to the previous month; Fishery product was estimated at US$ 600 million, increasing by 48.1%; Coffee was estimated at 180,000 tons, increasing by 38.6% compared to the previous month.

Import turnover of many commodities also increased compared to the previous month, such as computer, electronic products and components was estimated at US$ 3.6 billion, increasing 18.7%; Machinery, equipment and spare parts was estimated at US$ 2.5 billion, increasing by 26.8%; Telephones and accessories was estimated at US$ 1.1 billion, increasing by 43.55; Petroleum products was estimated at 1.3 million tons, increasing by 23.9% compared to the previous month and valued at US$ 800 million, increasing by 20.9%; Fabrics was estimated at US$ 800 million, increasing by 8.5%; Iron and steel was estimated at 1.1 million tons, up 0.4% and valued at US $ 787 million, increasing by 24.4%; Other common metals was estimated at 140,000 tons, up 50.6% and valued at US$ 620 million, up 53.5%; Plastic materials was estimated at 500,000 tons, up 53.3% and valued at US $ 800 million, up 54.9%; Chemicals was estimated at US $ 450 million, up 57.9% over.

About 20 CBU cars of less than 9 seats were imported in February 2018 due to the impact of Decree 116/2017/ND-CP, but 2,397 CBU cars were imported in March value at US$ 52 million.

customs collects vnd 67400 billion of tax in the first quarter 2018 General Department of Vietnam Customs gives directive on State Revenue collection

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The statistics of import and export turnover in March 2018 showed that Vietnam’s total import and export turnover was estimated at US$ 38.8 billion, increasing by 36.8% compared to February (of which, export turnover was estimated at US$ 19.8 billion, increasing by 38.2% and import turnover was estimated at US$ 19 billion, increasing by 35.4% compared to the February).

In the first three months of 2018, Vietnam’s total import and export turnover is estimated at US$ 107.32 billion, up 17.7% compared to the same period in 2017 (Of which, export turnover is estimated at US$ 54.31 billion, up 22% and import turnover is estimated at US$ 53 billion, up 13.6% compared to the same period in 2017).

Vietnam’s trade balance in March 2018 is estimated at a surplus of US$ 800 million. Thereby, bringing Vietnam’s surplus to US$ 1.3 billion by the end of March 2018.

By Thu Trang/Ngoc Loan

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