31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Apr 16, 2021 / 15:29

Vietnam customs revenue hits over US$3.8 billion in Q1

Resumption of economic activities as a result of effective Covid-19 containment has created room for strong rise in trade activities, stated the customs authorities.

Vietnam’s customs revenue in the first quarter of the year rose by 12.17% year-on-year to VND88.45 trillion (US$3.83 billion), or 28.1% of the yearly estimate.

 Haiphong port. Photo: Kinhtedothi

Customs authorities in eight provinces/cities, including those in Ho Chi Minh City, Hanoi, Haiphong, Ba Ria Vung Tau, Dong Nai, Binh Duong, Bac Ninh and Ha Nam, collected 80% of the total, or VND68.21 trillion (US$2.95 billion), stated the General Department of Vietnam Customs (GDVC) in a report.

“Resumption of economic activities as a result of effective Covid-19 containment has created room for strong rise in trade activities,” it added.

During the January – March period, Vietnam’s trade turnover surged by 25% year-on-year to US$153.65 billion, of which exports expanded by 23.3% to US$78.17 billion and imports of US$75.47 billion, representing an increase of 26.6%.

According to the GDVC, crude oil prices rising to nearly US$60 per barrel, along with hikes in transportation costs and material prices also contributed to higher revenue from import-export activities.

The GDVC also pointed out drastic measures from the government in facilitating trade and enhancing state management efficiency in preventing losses from state budget collection resulted in the declension of tax arrears rate as of February 28 of 0.47% against late 2020.

For this year, the GDVC targets customs revenue of VND315 trillion (US$13.65 billion), in which value added tax makes up a lion’s share of VND230 trillion (US$10 billion).

Such estimate is based on the assumption of GDP growth at 6% and crude oil price of US$45 per barrel.