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Revenue of major goods groups rises

12:19 | 07/06/2021

VCN- Although hit by the Covid-19 pandemic, the import and export turnover of major goods groups in the first five months of 2021 grew compared to the same period last year, leading to the increase in customs revenue.

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Customs operation at Tan Son Nhat International Airport Customs Branch. Photo: T.H

Turnover jumps

Preliminary data shows the total Vietnam’s import and export turnover in the first five months in 2021 hit $262.42 billion, a year-on-year increase of 33.54%. Of those, export turnover was $130.94 billion, up 30.7%; import turnover hit $ 313.4 billion, up 36.5% compared with a year ago.

Revenue from imports and exports was VND158,693 billion or 50.3% of the estimate, 47.94% of the target, up by 27.65% compared to the same period in 2020. In May alone, revenue was VND34,751 billion.

The Import and Export Duty Department said the gain in revenue resulted in the recovery of business production and the increase in price of raw materials such as iron ore, electronic chips, milk powder, iron and steel, petroleum. Therefore, taxable import and export turnover hit $55.56 billion, up 33.5% year-on-year. Of which, import turnover was $52.87 billion, up 35%; export turnover reached $2.68 billion, up 14.3%.

Taxable import turnover of some major goods groups surged such as iron, steel and common metals reaching $5.7 billion, up 47.2%, increasing the revenue by VND4,200 billion; CBU cars hitting 65.7 cars, up 78% in volume and $1.49 billion in value, increasing revenue by VND 6,200 billion.

Machinery, equipment, tools and spare parts reaching $10.65 billion, up 26.1%, growing the revenue of VND6,000 billion; group of plastics and auxiliary materials hitting $3.9 billion, up 41.48%, rising the revenue by VND3,000 billion; Crude oil price increasing to nearly $70 per barrel, resulting in the value of imported petroleum products reaching $1.45 billion, up 53% in value, and 2.73 million tonnes, up 20% in volume, advancing revenue against about VND2,500 billion compared to the same period in 2020.

Revenue of major goods groups rises
Customs operation at Tan Son Nhat International Airport Customs Branch. Photo: T.H

As of May 3, the revenue of 10 major customs departments was VND133,072 billion, or 48.28% of the estimate and 46.13% of the target, a year-on-year jump of 23.35%.

Notably, the revenue of customs departments of HCM City, Hai Phong, Ba Ria-Vung Tau, Ha Noi and Binh Duong was VND 50,723billion, VND26,846 billion, VND9,954 billion, VND11,401 billion and VND8,371billion.

Many solutions continue to be provided

A representative of the Import and Export Duty Department said the revenue in the first five month of the year increased sharply compared to recent years partly due to the impact of the Covid-19 pandemic on the economy in 2020. Although the Covid-19 pandemic is developing in a complex manner in 2021, Vietnam controlled the pandemic effectively and business production recovered in the first four months of the year.

Import turnover of goods groups such as automobiles, iron and steel, mobile phones, machinery and equipment for projects surged. But they are volatile revenues.

To accomplish revenue collection in 2021, the General Department of Vietnam Customs (GDVC) continues to provide solutions to increase revenue. Drastically carry out action plans for customs reform and modernisation, the improvement of the business environment and the enhancement of national competitiveness in 2021.

It also regularly holds dialogue conferences with businesses to resolve difficulties and problems related to customs procedures, tax policies, tax administration, accounting regimes, tax refund and tax exemption, as well as reforms administrative procedures, customs and tax procedures, shortening customs clearance time; deploying the National Single Window and ASEAN Single Window; updates, disseminates and instruct new polices to the business community; coordinates with commercial banks and expand the e-tax payment program 24/7 and pre-authorised tax payment program; maintains and improves the operational efficiency of the Customs- business working group.

The GDVC requires units to carry out solutions for trade facilitation, the efficiency improvement of State management and the prevention of revenue loss in performing revenue collection task in 2021.

Prevent revenue loss by inspecting performance of customs procedures, post clearance audit, specialised inspection, combat of smuggling and trade fraud; focus on preventing frauds on quantity, volume, customs value, HS codes, origin and goods trademark. Closely control and prevent the smuggling of goods inland, the import of fake goods infringing intellectual property rights, wrongly declared cargo, goods banned from import, and consumption of goods under customs supervision.

Review and grasp the tax debt status of firms managed by local customs departments; classify recoverable debt groups and bad debt groups. Monitor and urgent units to provide solutions for debt collection under the target assigned in Decision 912/QD-TCHQ; monthly and quarterly check tax debt collection; perform and require local customs departments to complete dossiers for cases eligible for debt cancellation.

In addition, conditional tax exemptions and reductions like processed goods and imported goods for the production of processed goods, and goods imported for the production of export goods must be strictly controlled to prevent tax debts from arising due to the fleeing of the business owners.

By Nu Bui/Ngoc Loan