Customs revenue in seven months rises by 11.7%

The total trade value of Vietnam's goods in seven months saw a year-on-year increase of 17.2% to US$440.45 billion. Of which, the exports reached US$227.49 billion, an increase of 16% and imports reached US$212.96 billion, an increase of 18.5%.

The increase in the trade value has helped the Customs revenue achieve positive results of VND237,525 billion.

The reason for the increase in revenue is clearly indicated because the total taxable import-export turnover of the whole country in the first seven months of 2024 grew by 17.2% year-on-year. Of which, taxable export turnover grew by 11.9% and taxable import turnover grew by 17.5%.

Ho Chi Minh City Customs officers inspect imported goods. Illustrative photo: T.H

Notably, some groups of high-value and high-tax rate goods had a surge including: the group of imported raw materials, machinery, equipment and spare parts for production such as: coal, chemicals and chemical products, plastics, iron and steel, textile raw materials, electronic components, auto components rose by 20.4% over the same period last year, increasing revenue by about VND22,620 billion. Or the imported crude oil group reached 8.03 million tons, worth US$5.07 billion, up 15.9% in volume and 19.7% in value, increasing revenue by about VND2,700 billion.

However, according to analysis, the growth rate of taxable import-export turnover is higher than the growth rate of revenue partly due to the implementation of tax incentive policies under Decree 94/2023/ND-CP dated December 28, 2023. The Government continues to reduce VAT on some items, so in the seven months the revenue decreased by about VND10,480 billion compared to the same period last year.

Also according to statistics, in July alone, revenue reached VND35,650 billion, an increase of 2.7% compared to June. The reason is that the total taxable import-export turnover of the whole country in July increased by 9.3% compared to June.

The turnover of some high value and high tax rate imported goods increased sharply such as: Crude oil increased by 28.6% in value, increasing revenue by VND438 billion; phones of all types and components increased by 26.6% in value, increasing revenue by VND198 billion; other machinery, equipment, tools, and spare parts increased by 18.9% in value, increasing revenue by 808 billion VND; CBU cars of all types increased by 9.6% in value, increasing revenue by VND476 billion; automobile components and spare parts increased by 23.2% in value, increasing revenue by VND344 billion.

In particular, most local customs units saw an increase in state budget revenue compared to the same period in 2023 such as: Thanh Hoa Customs Department increased by 31.18%; Ba Ria - Vung Tau Customs Department increased by 26.42%; and Bac Ninh Customs Department increased by 21.70%.

However, the largest revenue contributor to the whole sector as the Ho Chi Minh City Customs Department is still suffering many impacts from the economic situation, causing the unit's revenue to still record a decrease of 2.38%.