HCMC Customs sees a decrease of VND12,000 billion in revenue

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According to Ho Chi Minh City Customs Department, as of September 15, 2023, the unit earned over VND86,005 billion, equal to 58.99% of the assigned estimate (VND145,800 billion), a decrease of 12.06%. (or VND11,796.7 billion) compared to the same period in 2022.

According to Ho Chi Minh City Customs Department, the decrease in revenue resulted from many different impacts: Global Economic Instability; geopolitical conflict between Russia and Ukraine; decline in orders of major economies, which have impacted domestic import and export activities and Ho Chi Minh City, thereby affecting budget revenue.

In the first 9 months of 2023, the import and export turnover of some items with major contribution to the revenue of the Ho Chi Minh City Customs Department fell, such as: petroleum products, cars, iron and steel, computers, and other electronic products and components. As of September 15, 2023, the trade turnover dropped 17.65% year-on-year (equivalent to US$17.5 billion) to US$81.5 billion. Of which, imports fell 21.11% to US$42.8 billion and export fell 13.45% to US$38.7 billion USD.

Besides, in 2023, the consequences of the Covid-19 pandemic, the trade war, and the war in Ukraine have put a lot of pressure on the global economy, forcing consumers to tighten spending. Import demand has shrink, causing orders from Vietnam to plunge.

According to the Ho Chi Minh City Customs Department, the world petroleum price situation is very complicated. The International Energy Agency (IEA) predicts that global oil demand may peak before the end of this decade in the context of the energy crisis accelerating the transition to clean technology. At the end of the trading session on September 6, The West Texas Intermediate (WTI) crude oil price rose 0.98% to 87.54 US$/barrel, recording 9 consecutive rises. Brent crude oil prices also extended their upward momentum for the 7th consecutive session, closing at 90.6 US$/barrel.

Along with that, the increase in oil prices in the period from the end of June until now is also the strongest increase since the conflict between Russia and Ukraine took place. Crude oil prices have recovered 30% from the bottom set in July. The factor driving this increase is worry about supply, when major producing countries plan to cut productivity, which will continue to impact import and export activities.

Determining the state budget collection as a key task, Ho Chi Minh City Customs Department regularly monitors and evaluates the implementation of daily and monthly budget collection, impacts affecting state revenue, and fluctuations in import and export turnover (especially of major product groups with high import and export tax rates), the growth of import and export activities of enterprises in the area; timely advises and disseminate and implement key documents and tasks to facilitate import-export activities and nurture state budget revenue.

HCMC Customs Department: Revenue reaches more than VND 60,000 billion

With the above impacts, along with the momentum of state budget revenue in the first months of 2023, state budget revenue at the Ho Chi Minh City Customs Department for the whole year 2023 is estimated to reach VND123,105 billion, reaching 84.43% of the target, decreasing VND13.93 % or VND19,930.4 billion year-on-year.