Customs industry’s revenue increases thanks to high value of four major import and export commodity groups
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Customs officers of Ninh Binh Customs (Ha Nam Ninh Customs Department) inspect imported raw materials and auxiliary materials. Photo: H.Nu |
Imports still dominates
In 2024, the Customs sector is assigned an estimate of VND375,000 billion. The revenue in the first seven months of the year is estimated to increase by 10.43% year-on-year to VND234,800 billion, meeting 62.61% of the estimate.
The increase in total revenue results from rising 16.4% year-on-year to US$ 402.62 billion of the total estimated value of import and export of the whole country as of July 15. Of which, the export turnover rose 15.2% to US$ 207.25 billion; the import turnover went up 17.6% to US$ 195.37 billion. By the end of July 15, the country's trade surplus reached US$11.87 billion.
Further analysis shows that the total taxable import-export turnover of the whole country from January 1 to July 15, 2024 increased by 17.2% compared to the same period in the previous year. Of which, taxable export turnover increased by 13.5% and taxable import turnover rose 17.4% compared with the same period in 2023.
Notably, there are four commodity groups with high value and tax rates surges from the beginning of the year until now, helping the Customs sector's revenue collection achieve positive signs.
The value of raw materials, machinery, equipment, and spare parts imported for production such as: coal, chemicals and chemical products, plastics, iron and steel, textile and garment raw materials, electrical components, automobile components recorded US$43 billion, accounting for 58.2% of total taxable import turnover, up 19.1% year-on-year, increasing the revenue by about VND18,340 billion.
The imported crude oil reached 7.4 million tons, worth US$4.6 billion, up 12% in volume and 16% in value, helping to increase the revenue by about VND 2,140 billion.
The group of imported coal products reached 36.6 million tons, worth 4.6 billion USD, up 32% in volume and 12% in value, increasing the revenue by about VND2,200 billion.
The group of taxable exported goods rose 9.7%, increasing the revenue by about VND1,000 billion.
However, the import of CBU car only reached 82.4 thousand cars, worth US$1.7 billion, up 8% in volume, but down 4% in value, reducing the revenue of about VND6,000 billion. In addition, the VAT reduction under of the Government’s Decree 94/2023/ND-CP dated December 28, 2023 decreased the revenue by about VND8,980 billion.
The representative of the Import-Export Duty Department said that the increase in revenue from imported product groups in the first seven months of the year still dominated. This shows that the exports of Vietnamese firms to major markets in the world have not yet prospered.
Difficulties occur at the second half of the year
The positive results in the revenue in the first seven months of the year showed that great efforts in facilitating trade and supporting customs clearance of goods and reforming administrative procedures for the business community have been effective.
However, the representative of the Import-Export Duty Department said that factors affecting the Customs industry’s revenue collection have been occurred, so the accomplishment of task in 2024 will face difficulties.
In addition, the reduction of VAT for businesses as stipulated by the Government in Decree 72/2024/ND-CP dated June 30, 2024, is expected to decrease about VND18,000 billion of the revenue.
In 2024, the Customs will also refund about VND 7,000 billion of import duty on auto components under Articles 7a and 7b of Decree 26/2023/ND-CP. Data show that in the first six months of the year, the Customs refunded VND2,500 billion, and is expected to refund VND4,500 billion in the last six months of the year.
At the same time, the revenue from coal, crude oil, and petroleum products reached VND38,409 billion, accounting for only 19.2% of total revenue. For coal products, because the beginning of the year was the dry season, although the unit price decreased, businesses imported coal for power plants, so the quantity increased by 32%. However, the end of the year was the rainy season, Hydroelectric plants will operate at full capacity, so coal imports may not rise.
The representative of the Import-Export Duty Department said that the total revenue in the first six months of the year increased partly due to the increase in the USD exchange rate, which increased revenue by about VND10,000 billion.
The taxable import-export turnover in May alone was high, the turnover in the remaining months tend to decrease. Specifically, the taxable turnover in March, April and May only reached US$12,438 million, US$ 12,377 million and US$12,302 million, respectively.
According to the representative of the Import-Export Duty Department, the revenue in the second half of the year tends to decrease. The revenue in the first half of the year in in 2021 and 2022 accounted for 52.1% of total revenue; and accounted for 52% of total revenue in 2023. Therefore, it is expected that the total revenue of the Customs industry in 2024 may reach about VND380,000 - 385,000 billion.
Based on revenue results in the first months of 2024, identifying increase/decrease factors and shifts in revenue sources due to changes in mechanisms, policies and unusual changes; assessing the impact of implementing international commitments, the General Department of Vietnam Customs requests units to proactively grasp the impacts affecting the import and export of taxable items; and review and understand major investment projects to be implemented in the area.
From 2025, the revenue estimates must be built on the basis of properly implementing regulations on customs procedures; customs inspection and supervision, import-export tax and tax administration as per provisions of the Law on Export and Import Duty, Law on Tax Administration and related documents.
At the same time, when developing revenue estimates, units must correctly and fully calculate revenues under the provisions of the Law on Export and Import Duty; current revenue regimes and forecasts of import-export policies and procedures in localities and regions to build revenue estimates for 2025 and the following years in a solid, highly feasible manner, ensuring increased revenue at least 5% compared to the previous year's revenue.
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