HCM City Customs: Reduction in imported goods resulting in decreasing revenue collection by VND 1,600 billion

Imported goods through Ho Chi Minh City port dropped sharply. Photo: T.H

According to Nguyen Quoc Toan, Deputy Head of the Import-Export Duty Division - Ho Chi Minh City Customs Department, in the first two months of 2020, State revenue of Ho Chi Minh City Customs Department hit VND 15,630 billion, decreasing by more than VND 1,600 billion compared to the same period in 2019.

According to the analysis of Ho Chi Minh City Customs Department on commodity groups with high tax rates and large turnover,there were 12 groups of imported goods reducing in turnover. The group of raw materials reached $1,921.6 million, reducing by 18.4 percent over the same period in 2019, accounting for 32.6 percent; consumer goods hit $257.8 million, decreasing by 27.5 percent, accounting for 4.4 percent; while other commodity groups reached $537.4 million, decreasing by 2.4 percent and accounting for 9.1 percent of imports.

Imported fabrics of all kinds were worth $245.4 million, decreasing by 24.1 percent, accounting for 4.2 percent; plastic materials reached $208.7 million, decreasing by 33.3 percent, accounting for 3.5 percent; iron and steel with import value hit $189.1 million, reducing by 23.6 percent; import value of pharmaceutical products reached $135.3 million, falling by 42.8 percent.