HCM City Customs Department expedites revenue collection in remaining months of year

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HCM City Customs Department inspects exports after HCM City loosened social-distancing measures. Photo: Thu Hoa

Revenue increase over VND12 billion

According to HCM City Customs Department, the fourth wave of Covid-19 has hit the imports and exports of enterprises.

In the third quarter of the year, the import and export turnover saw a sharp decrease of about VND10 billion compared with the second quarter, leading to a plunge in revenue of about VND9,800 billion.

Although imports and exports across HCM City seaports in the third quarter plummeted due to the effects of the public health crisis, the import and export values still increased between January and October compared with the same period of the previous year.

The trade increased by 17.9% to US$109 billion compared with a year ago.

Many major export products saw a drop in trade such as fishery products down 1.6% to US$2.51 billion; textiles and garments down 20.2% to US$3.55 billion; footwear down 15.5% to US$1.90 billion, leading to the decrease in the total export turnover of 5.1% to US$46.67 billion year-on-year.

Meanwhile, many major import products recorded a surge, such as petroleum products rose 48% to US$1.88 billion, machinery increased 12.4% to US$5.97 billion, iron and steel surged 59.4% to US$2.28 billion, computer and parts grew 19.4% to US$16.56 billion, automobile rose 69.7% to 1.29%, bringing the total imports in the last ten months to US$62.38 billion, up by 29.6% year-on-year.

As of October 31, the department’s revenue increased 14.4% to VND95,000 billion year-on-year, meeting 88.7% of the estimate.

Imports and exports increase slightly

According to HCM City Customs Department, although the city has loosened social distancing measures, the disease may break out again if people do not strictly comply with requirements on prevention and control, affecting the operation of the business community and the department’s revenue in the remaining months of the year.

In addition, the imports will be restricted in the fourth quarter of this year.

The department has taken many measures for anti-revenue loss, supported and facilitated the business community through customs reform and quick clearance of goods. The department’s revenue in November is estimated at about VND8,700 billion.

End-November, the department’s revenue is expected to increase 10.1% to VND104.5 billion or 94.5% of the estimate compared with the previous year.

HCM City Customs Department continues to implement solutions and strives to achieve the highest target.