Revenue collection of Customs sector dropped by 3% over the same period in the first quarter

VCN - The total import and export value of the country in the first quarter of 2024 reached US$145.59 billion, an increase of 18.2% over the same period in 2023. However, revenue collection in the first quarter (as of March 15) of the entire Customs sector decreased by 3% compared to the same period in 2023.

Determining state revenue collection as a key task, from the beginning of the year, the Customs sector has proposed five general tasks and specific solutions for each area that need to be implemented drastically. Accordingly, revenue collection in the first quarter reached VND71,520 billion, equal to 19.1% of the assigned estimate, a drop of 3% compared to the same period in 2023.

Nghe An Customs supervises imported petroleum warehouses. Photo: H. Nụ
Nghe An Customs supervises imported petroleum warehouses. Photo: H. Nụ

The General Department of Vietnam Customs assessed that the reason for the decline in revenue is due to a sharp decrease in taxable import turnover of some main products compared to the same period in 2023.

Specifically, in the imported petroleum group, the impact of preferential tariff rates on gasoline imports from the ASEAN market is 5%, DO and FO oil is 0%. Thus, businesses imported mainly from ASEAN instead of importing from Korea because of the low rate of 8%. Therefore, the imported petroleum group decreased by about 23% in volume and about 30% in value, reducing revenue by about VND2,000 billion.

In the CBU car group, imports decreased by about 38% in volume and about 39% in price, reducing revenue by about VND 4,000 billion compared to the same period in 2023.

In particular, the first quarter is during the Lunar New Year holiday, so import-export activities are limited. In addition, the revenue estimates of 10 provincial customs departments account for a large amount of revenue reaching VND62,502 billion, equal to 18.88% of the estimate and declining 6.94% compared to the same period in 2023.

By Nụ Bùi/Thanh Thuy

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