In 5 months, Customs sees a year on-year decrease of 18% in revenue

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Judging from the total import-export value of the whole country in 5 months, it only reached USD 260.79 billion, down 15.3% (equivalent to USD 47.17 billion) compared to the same period last year. The total export value was USD 135.22 billion, down 12.3% (equivalent to USD 18.88 billion), and the total import value was USD 125.57 billion, down 18.4% (corresponding to USD 28.29 billion). In the first five months of 2023, Vietnam's merchandise trade balance had a surplus of USD 9.65 billion, much higher than the USD 240 million figure last year.

The decrease in the total import-export value of the whole country has made it difficult for the Customs sector to collect and pay the state budget. Only the revenue from May 1 to May 31, the whole Customs sector only collected VND 30,054 billion, down 6.23% compared to April.

Cars are imported through Saigon Central Container Port. Photo: T.H

Assessment from the Import-Export Tax Department shows that the reason the revenue in May is lower than in April is that the import turnover with a tax of some items with large revenue decreased, such as CBU cars of all kinds reaching 7.6 thousand units, the value reached USD 189.5 million, down 37.8% in volume and 33.6% in value, reducing the revenue of VND 1,287 billion; iron and steel of all kinds reached 675 thousand tons, worth USD 555 million, down 22.1% in volume and 16.7% in value, reducing revenue by VND 253 billion; phones and components reached USD 166 million, down 27.1%, reducing revenue by VND 180 billion.

According to the Import-Export Tax Department, in the first 5 months of the year, for the first time, Vietnam recorded a higher number of temporary and permanent enterprises withdrawing from the market than the number of enterprises entering and re-entering the market. The war in Russia - Ukraine slows down the recovery of the world economy along with the tightening of monetary policy, leading to a sharp decrease in the shopping trend of consumers worldwide. At the same time, the global supply chain continues to face the risk of interruption and breakage, leading to many consequences for import-export activities and economic growth.

In addition, major economies that are Vietnam's export partners, such as the United States and the European Union (E.U.), reduced their purchasing quotas for conventional and luxury products, causing a decrease in the volume of orders, especially for industries such as textiles, leather and footwear, manufacture of beds, cabinets, tables, chairs, metal production. Meanwhile, gasoline prices are constantly fluctuating.

The Import-Export Tax Department said that, from the above factors, the total taxable import-export value of the whole country in the first 5 months of the year decreased by 19.73%. Taxable import turnover decreased by 19.6%, and taxable export turnover decreased by 21.8% over the same period last year. Some groups of goods with taxable import turnover have sharply reduced, such as Group of imported raw materials, machinery and equipment, spare parts for products such as coal, chemicals and chemical products, plastics, iron and steel, textile raw materials, electronic components, auto parts accounted for 30% of the total taxable import turnover, down 31% over the same period, reducing budget revenue by about VND 15,550 billion over the same period in 2022.

In addition, the imported petroleum group only gained 3.2 million tons, worth USD 2.67 billion, down 0.2% in volume and 19.6% in value, reducing revenue by about VND 3,174 billion compared to the previous year.

Although in the first 5 months of 2023, many commodity groups also had quite positive state budget revenue results, notably the Group of CBU cars of all kinds with taxable import turnover of 61,780,000 units, valued at USD 1.38 billion, up 21.8% in volume and 9.5% in value, increasing revenue by VND 4,600 billion; crude oil products reached 4.9 million tons, worth USD 3 billion, up 49% in volume and 20% in value, increasing revenue by VND 1,000 billion over the same period last year.

In addition, it was recorded at most of the units that accounted for a large amount of revenue in the industry, with the accumulated revenue as of May 31, a sharp decrease, such as Hanoi Customs Department decreased by 17.37%; Ba Ria Vung Tau Customs Department decreased by 24.8%; Dong Nai Customs Department decreased by 32.45%; Binh Duong Customs Department decreased by 28.87%; Bac Ninh Customs Department decreased by 22.69%; Ha Tinh Customs Department decreased by 26.27%.