Revenue increasing – Worry and rejoice

VCN - The increase in import value of the first quarter helped the State budget revenue of Customs sector increased 21.65% over the same period of 2016. This is a good signal for the State budget revenue of Customs sector in the early months of the year.
revenue increasing worry and rejoice

However, behind these figures are less happy than worry.

Analysis of the import and export situation shows that in the first three months of 2017, the total import and export value of goods is expected to reach US$ 89.36 billion, increased 17.5% over the same period in 2016 (in which the export value expected to reach US$ 43,73 billion, increased 12.8% and import value expected to reach US$ 45.63 billion, increased 22.4% over the same period of 2016). This has helped the State budget revenue of Customs sector in the first three months of 2017 reached to 68,593 billion VND, achieved 24.1% of the estimate and increased 21.65% over the same period of 2016.

Looking back at the fiscal revenue in the first quarter of 2015, it increased only 3.56% over the same period in 2014, in 2016 increased 3.8% compared to 2015, the increase of 21.65% over the same period of 2016 is sudden. According to Deputy Director General Department of Customs Nguyen Duong Thai, this is a good signal for the State budget revenue of Customs sector in the first months of the year. However, the Deputy Director General also said that the forecast revenue in the last 6 months of the year will decline sharply. This is contrary to the law of other years and will have a considerable impact on the construction of revenue estimates of the following year (construction estimates are built from six months of the previous year - reporter).

It can be seen that although the State budget revenue in the first quarter of 2017 increased sharply compared to the same period of 2016, the main source of income mostly from petroleum, automobile, and iron which are unstable revenue sources; crude oil prices continue to fluctuate due to implementing international commitments ... CBU is forecasted to drop sharply in the fourth quarter of 2017 due to the psychological pending tax reduction of enterprises (in 2018 the import tax rate of cars from ASEAN would to 0% - reporter), this has a great impact on total State budget revenue.

In the coming months of 2017, FTAs will continue to have a profound and deep impact on the State budget revenues of the Customs sector, particularly indirect reductions due to trade diversion. Therefore, continuing to be patient with the proposed solutions and facilitating trade are effective solutions for the Customs sector to successfully complete the State budget revenue target.

Also on this issue, Deputy Finance Minister Vu Thi Mai recently warned the Customs departments not be subjective, not satisfied with the results of State budget revenue in the first quarter and must continue to make efforts, take the initiative to implement all measures to reach the assigned tasks; all units need to manage and make good use of revenues, because there are still a lot of challenges in the last months of the year for the State budget revenues of the Customs sector.

Thu Trang / Luong Ngoc

Related News

Quang Ninh Customs strives to collect over VND17,800 billion in revenue in 2025

Quang Ninh Customs strives to collect over VND17,800 billion in revenue in 2025

VCN - In 2025, Quang Ninh Customs will implement effective solutions to prevent revenue loss through import-export management, ensuring accomplishment of the revenue collection goal under the assigned target (over VND17,800 billion).
Hai Phong Customs implements solutions to facilitate trade

Hai Phong Customs implements solutions to facilitate trade

VCN - In 2024, trade turnover of Hai Phong Customs Department saw a sharp increase compared to 2023 to more than US$132 billion.
6 outstanding events of Vietnam Customs in 2024

6 outstanding events of Vietnam Customs in 2024

VCN - The General Department of Customs has just announced outstanding events in 2024, such as: successfully organizing the 33rd Meeting of the ASEAN Customs Directors-General; successfully completing the budget collection task; trade facilitation with a record trade turnover of over US$786 billion.
Da Nang Customs Department supports enterprises in developing Customs-Business partnership

Da Nang Customs Department supports enterprises in developing Customs-Business partnership

VCN – At the Conference on developing Customs-Business Partnership 2024 held by Da Nang Customs Department, Permanent Vice Chairman of the Da Nang People's Committee Ho Ky Minh highly appreciated the development of Customs-Business Partnership over the past time, bringing many practical benefits not only to businesses but also creating favorable conditions for Da Nang's goods to quickly access the international market, promoting the city's economic development.

Latest News

Five solutions for developing stock market in 2025

Five solutions for developing stock market in 2025

VCN - On February 5, 2025, at the Gong-beating ceremony to open the stock trading at the Ho Chi Minh City Stock Exchange (HOSE), Deputy Minister of Finance Nguyen Duc Chi introduced five solutions for comprehensive development of the stock market.
Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

VCN- On February 3, the first working day after the Tet holiday, Minister of Finance Nguyen Van Thang and the delegation visited and worked with the General Department of Vietnam Customs (GDVC).
The stock market after Tết 2025 presents both challenges and opportunities

The stock market after Tết 2025 presents both challenges and opportunities

Việt Nam’s stock market following the 2025 Lunar New Year (Tết Nguyên Đán) presents a complex landscape of risks and potential gains, driven by foreign capital inflows, economic resilience, and looming corporate bond maturity pressures, according to one securities expert.
Opportunities and challenges in Việt Nam

Opportunities and challenges in Việt Nam's crypto boom

Việt Nam boasts one of the most active investment communities in the cryptocurrency sector. However, protecting investors and promoting sustainable growth requires a robust legal framework.

More News

Đà Nẵng aiming to become a regional financial centre before 2050

Đà Nẵng aiming to become a regional financial centre before 2050

The city is setting out goals to promote the development of the financial system in the 2021-30 period, striving for Đà Nẵng to become a regional financial centre in just 25 years.
Which investments to make in 2025?

Which investments to make in 2025?

Financial reports indicate a large amount of cash in the banking system at the end of 2024. Investors in 2025 will have plenty of choices of where to put their money, according to economists and financial analysts.
5 strategies for reallocating houses and land

5 strategies for reallocating houses and land

VCN - The rearrangement and disposal of public-owned houses and land have been officially regulated in Decree No. 03/2025/ND-CP (Decree No. 03), which has just been issued by the Government. According to Decree No. 03, there are five forms of rearrangement and disposal of houses and land.
Stock market expected to rebound positively after Tết holiday: expert

Stock market expected to rebound positively after Tết holiday: expert

Currently, the VN-Index is fluctuating within a wide range of 1,200 to 1,300 points. Without a decisive breakout in either direction, this level of liquidity remains typical.
Ministry of Planning and Investment proposes piloting a cryptocurrency exchange at financial centres

Ministry of Planning and Investment proposes piloting a cryptocurrency exchange at financial centres

The Ministry of Planning and Investment (MPI) has proposed a controlled pilot programme for fintech activities, including digital asset and cryptocurrency trades at financial centres.
Banks selling mortgaged assets to recover bad debts

Banks selling mortgaged assets to recover bad debts

Many banks are rushing to sell mortgaged assets to recover bad debts, as these types of debts are forecast to increase slightly this year.
Keeping inflation in check a priority for 2025

Keeping inflation in check a priority for 2025

Economists have identified a range of factors that may exert inflationary pressure in 2025, including geopolitical risks, global trade disruptions and domestic challenges such as exchange rate fluctuations, rising import costs and natural disasters.
Debt repayment pressure continues to weigh on corporate bond market

Debt repayment pressure continues to weigh on corporate bond market

An alarming 22 per cent of corporate bonds maturing in January 2025 are at risk of defaulting on principal payments, according to a report from VIS Rating.
2025 a new era for financial institutions

2025 a new era for financial institutions

Recent adjustments to Việt Nam’s economic growth forecasts from major financial institutions highlight growing confidence in the country’s economic trajectory.
Read More

Your care

Latest Most read
Five solutions for developing stock market in 2025

Five solutions for developing stock market in 2025

VCN - On February 5, 2025, at the Gong-beating ceremony to open the stock trading at the Ho Chi Minh City Stock Exchange (HOSE), Deputy Minister of Finance Nguyen Duc Chi introduced five solutions for comprehensive development of the stock market.
Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

VCN - On the occasion of the Spring of At Ty 2025, on behalf of the Party Committee and the leaders of the Ministry of Finance, Minister Nguyen Van Thang respectfully sent his best wishes to all the GDVC's officials, civil servants and employees.
The stock market after Tết 2025 presents both challenges and opportunities

The stock market after Tết 2025 presents both challenges and opportunities

Việt Nam’s stock market following the 2025 Lunar New Year (Tết Nguyên Đán) presents a complex landscape of risks and potential gains, driven by foreign capital inflows, economic resilience, and looming corporate bond maturity pressures, according to one securities expert.
Opportunities and challenges in Việt Nam

Opportunities and challenges in Việt Nam's crypto boom

Việt Nam boasts one of the most active investment communities in the cryptocurrency sector. However, protecting investors and promoting sustainable growth requires a robust legal framework.
Đà Nẵng aiming to become a regional financial centre before 2050

Đà Nẵng aiming to become a regional financial centre before 2050

The city is setting out goals to promote the development of the financial system in the 2021-30 period, striving for Đà Nẵng to become a regional financial centre in just 25 years.
Mobile Version