Customs revenue in Quarter 1 decreases by 3% year-on-year

VCN - The total import and export value of the country in the first quarter of 2024 rose 18.2% year-on-year to US$145.59 billion. However, state budget revenue in the first quarter (as of March 15) of the entire Customs sector decreased by 3% year-on-year.
Reasons for plunge in the Customs’ revenue Reasons for plunge in the Customs’ revenue
Customs revenue in the first ten months of the year falls 17% Customs revenue in the first ten months of the year falls 17%
Quang Ngai Customs' revenue flourishes thanks to steel and coal imports Quang Ngai Customs' revenue flourishes thanks to steel and coal imports

Determining state budget revenue as a key task, from the beginning of the year, the Customs sector has set out five general tasks and specific solutions for each area. Accordingly, state budget revenue in the first quarter reached VND71,520 billion, equal to 19.1% of the assigned estimate, down 3% compared to the same period in 2023.

Nghe An Customs supervises imported petroleum warehouses. Photo: H. Nu
Nghe An Customs supervises imported petroleum warehouses. Photo: H. Nu

The General Department of Customs assessed that the reason for the decrease in revenue is due to a sharp decrease in taxable import turnover of some major products compared to the same period in 2023.

Specifically, for the imported petroleum group, due to the impact of preferential tax rates on gasoline imports from the ASEAN market of 5%, DO and FO oil of 0%, businesses mainly import from ASEAN instead of Korea at a tax rate of 8%. Therefore, the petroleum imports decreased by about 23% in volume and about 30% in value, reducing revenue by about VND2,000 billion.

For the CBU car group, imports decreased by about 38% in volume and about 39% in value, reducing revenue by about VND 4,000 billion compared to the same period in 2023.

In particular, the first quarter fell on the Lunar New Year holiday, so import-export activities reduced. In addition, the revenue estimates of 10 local customs departments accounted for a large amount of VND 62,502 billion, equal to 18.88% of the estimate and down 6.94% compared to the same period in 2023.

By Nu Bui/ Huyen Trang

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