Customs industry’s revenue in August slows down

VCN – The total taxable import-export turnover of the whole country in August decreased by 1.9%, causing the decrease by 9% in the revenue compared to July.
Lao Cai Customs clears 454 durian trucks during 4-day holiday Lao Cai Customs clears 454 durian trucks during 4-day holiday
Officially operating the Nanning (China) - Ha Long (Vietnam) passenger transport route via the Beilun II Bridge Officially operating the Nanning (China) - Ha Long (Vietnam) passenger transport route via the Beilun II Bridge
Customs industry’s revenue in August slows down
Officers of HCM City Customs Department process procedures for enterprises. Photo: T.H

According to preliminary statistics, the total taxable import-export turnover of the whole country in August decreased by 1.9% compared to July. Of which, the taxable import turnover alone dropped 1.5% compared to July.

Notably, the turnover of some imported goods with large values and high tax rates plunges, including: Coal of all kinds down 45% in volume and 19.7% in value, reducing the revenue by VND430, crude oil down 11.8% in volume and 12.9% in value, reducing revenue by VND 275 billion; petroleum products down 25.6% in volume and 20.1% in value, reducing revenue by VND571 billion; phones and components down 21.2% in value, reducing the revenue by VND210 billion; CBU cars down 12.3% in volume and 11.8% in value, reducing the revenue by VND597 billion compared to July 2024.

Notably, as the department accounting for the largest proportion in the import-export revenue of the whole country, HCM City Customs Department has faced difficulties in revenue collection and recorded the decrease in revenue.

According to the assessment, the decline in revenue under the management of the Ho Chi Minh City Customs Department is mainly due to weak market supply and demand and purchasing power, and the large number of imported cars remaining at the port. Many imported goods with high tax rates that have had their taxes reduced and will be reduced further in the coming years under the tariff reduction roadmap committed in free trade agreements (FTAs). On the other hand, the policy of reducing VAT (from 10% to 8%) for a number of goods has also had a significant impact on the revenue of Ho Chi Minh City.

A representative of the Import-Export Tax Department, General Department of Customs emphasized that from now until the end of the year, the VAT reduction policy will continue to be implemented, and expected to reduce revenue by about VND18,000 billion.

The Customs implements import tax refunds for auto parts, which will also reduce total revenue by about VND6,000 billion. These are challenges for the revenue collection of the Customs.

By Nu Bui/Ngoc Loan

Related News

Vietnam and China promote Customs cooperation

Vietnam and China promote Customs cooperation

VCN - The representative of Vietnam Customs and the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to Vietnam exchanged the Action Plan between the General Department of Vietnam Customs (GDVC), the Ministry of Finance of the Socialist Republic of Vietnam and the General Administration of Customs of the People's Republic of China (GACC) on the Mutual Recognition Agreement on Authorized Economic Operator of Vietnam Customs and the Enterprise Credit Management Program of China Customs, on October 13, 2024, at the Government headquarters.
A new tax management approach needed to promote business household development

A new tax management approach needed to promote business household development

VCN - The Tax Department needs to change tax management methods to facilitate the business environment, promote the development of business households, ensure accurate, sufficient, and timely tax collection, and prevent budget losses.
Customs supports compliant businesses to improve investment environment

Customs supports compliant businesses to improve investment environment

VCN - When participating in the Pilot Program to support and encourage enterprises to voluntarily comply with Customs law, enterprises will become more professional and proactive, thereby enhancing their image and position, expanding partners, markets and making production and business activities more favorable.
Ha Tinh Customs faces many difficulties in budget collection

Ha Tinh Customs faces many difficulties in budget collection

VCN - According to Ha Tinh Customs Department, from May 2024, due to the impact of market consumption, output products of many enterprises have been in stock, leading to enterprises having to cut down on the import of input materials. This has affected the unit's revenue.

Latest News

Binh Dinh Customs facilitate enterprise exporting wood

Binh Dinh Customs facilitate enterprise exporting wood

VCN - More than 100 enterprises carrying out procedures for exporting wood through Quy Nhon port have been supported by Binh Dinh Customs Department to facilitate. This has been recognized and highly appreciated by enterprises.
Customs sector proactively manages cross-border e-commerce

Customs sector proactively manages cross-border e-commerce

VCN - E-commerce is growing strongly, but poses many challenges, especially the control of imported and exported goods across borders.
Customs sector

Customs sector's budget revenue in September continues to decline

VCN - In September 2024, state revenue from import-export activities reached VND 31,126 billion, down 12.4% compared to August 2024.
Solutions for developing customs broker agents in the new context

Solutions for developing customs broker agents in the new context

VCN - Customs broker agents (CBA) are performing well as a bridge between the Customs authority and enterprises, however, many problems still arise during their operations.

More News

Key takeaways from supporting business compliance

Key takeaways from supporting business compliance

VCN - Some local customs units have closely coordinated with warehouse and port businesses to notify member businesses to support earlier delivery and faster clearance of goods.
Ha Nam Ninh Customs accompanies typical enterprises of Ha Nam, Nam Dinh and Ninh Binh provinces

Ha Nam Ninh Customs accompanies typical enterprises of Ha Nam, Nam Dinh and Ninh Binh provinces

VCN - On the occasion of Vietnam Entrepreneurs Day, on October 9, in Ninh Binh City, Ha Nam Ninh Customs Department held a conference to meet, congratulate and honor typical entrepreneurs and enterprises representing nearly 1,000 enterprises regularly carrying out customs procedures in the three provinces of Ninh Binh, Ha Nam and Nam Dinh.
Steering Team for developing technical processes established at Long Thanh International Airport

Steering Team for developing technical processes established at Long Thanh International Airport

VCN - The General Department of Vietnam Customs (GDVC) has just issued a Decision to establish a Steering Team for developing technical processes at Long Thanh International Airport, headed by Deputy Director General Au Anh Tuan.
Businesses reduce costs by complying with customs laws

Businesses reduce costs by complying with customs laws

VCN - Customs authorities assess enterprises with good compliance levels, thereby reducing the implementation work of Customs authorities and devoting more resources to manage enterprises that are assessed as having poor compliance or not complying with the law.
Design concept of Customs headquarters at Long Thanh airport

Design concept of Customs headquarters at Long Thanh airport

VCN - The design concept of the Customs headquarters at Long Thanh International Airport evokes the image of an airplane associated with the control characteristics of the Customs.
Enterprises should proactively comply with customs laws

Enterprises should proactively comply with customs laws

VCN - At the online talk show with the topic "Enterprises voluntarily comply with customs laws: Perspectives from both sides", Mr. Duong Quoc Phi, Head of Import-Export Division of Vietnam Precision Industrial No. 1 Co., Ltd, said that to comply with customs laws, enterprises themselves must be proactive in complying with the law, which will bring benefits to them.
Mong Cai Customs achieve VND1,756 billion in revenue collection

Mong Cai Customs achieve VND1,756 billion in revenue collection

VCN - As of September 24, 2024, Mong Cai Border Gate Customs Branch collected VND 1,756 billion in revenue, an increase of 48% over the same period in 2023, exceeding nearly 11% of the target assigned by Quang Ninh Customs Department.
Thanh Hoa Customs cooperates effectively with businesses

Thanh Hoa Customs cooperates effectively with businesses

VCN – By effectively implementing trade facilitation solutions, only in the first eight months of 2024, Thanh Hoa Customs Department has exceeded the revenue target for 2024. The positive achievement results from the cooperation between the Customs and businesses for smooth customs clearance and procedures.
Technology solutions bring remarkable achievements to the Customs industry

Technology solutions bring remarkable achievements to the Customs industry

VCN – Deputy Director General of Vietnam Customs Tran Duc Hung chaired a meeting between the General Department of Vietnam Customs and Microsoft Vietnam Company on AI application solutions in Chatbot, digital office, and data security, on October 7, 2024.
Read More

Your care

Latest Most read
Vietnam and China promote Customs cooperation

Vietnam and China promote Customs cooperation

VCN - After the talks, Prime Minister Pham Minh Chinh and Chinese Premier Li Qiang witnessed the handover ceremony of cooperation documents between the two countries.
Ha Tinh Customs faces many difficulties in budget collection

Ha Tinh Customs faces many difficulties in budget collection

VCN - According to Ha Tinh Customs Department, from May 2024, due to the impact of market consumption, output products of many enterprises have been in stock, leading to enterprises having to cut down on the import of input materials. This has affected th
Binh Dinh Customs facilitate enterprise exporting wood

Binh Dinh Customs facilitate enterprise exporting wood

More than 100 enterprises carrying out procedures for exporting wood through Quy Nhon port have been supported by Binh Dinh Customs Department to facilitate
Customs sector proactively manages cross-border e-commerce

Customs sector proactively manages cross-border e-commerce

VCN - Along with that, domestic consumers also have access to more diverse and abundant products from foreign markets.
Customs sector

Customs sector's budget revenue in September continues to decline

In September 2024, state budget revenue from import-export activities reached VND 31,126 billion, down 12.4% compared to August 2024.
Mobile Version