Vietnam’s trade performance continues to stay positive with the trade turnover as of December 15 rising by 4.5% year-on-year, or US$22 billion to $515.27 billion.
![](http://media.hanoitimes.vn/2021/05/14/logo_hntimes.png)
By the end of 2020, Vietnam’s customs revenue is set to reach VND315 trillion (US$13.62 billion), down 6.8% against the year’s estimate.
Overview of the meeting. Photo: Hai Quan Online. |
Director of the Import-Export Tax Department under the General Department of Vietnam Customs (GDVC) Le Nhu Quynh revealed the figure at a conference discussing the performance of Vietnam’s customs in 2020 and its objectives for 2021 on December 24.
“In 2020, growing global uncertainties, including trade tensions among superpowers and the Covid-19 pandemic, have create both challenges and opportunities for Vietnam,” added Mrs. Quynh.
Meanwhile, the fact that the country continues to join new-generation free trade agreements such as the EVFTA and RCEP with high commitment levels in both import duty, market access and intellectual property rights, have been affecting Vietnam’s trading activities, she noted.
In this context, Vietnam’s trade performance continues to stay positive with the trade turnover as of December 15 rising by 4.5% year-on-year or US$22 billion to $515.27 billion. Of the sum, the country’s exports rose by 6.1% year-on-year to $267.22 billion and imports of $248.04 billion, up 2.7%, noted Mrs. Quynh.
“The GDVC puts strong focus on administrative reform and modernization of customs procedures, while pushing ahead with the fight against trade fraud and smuggling,” she continued.
Director of the GDVC’s Anti-smuggling Investigation Department Nguyen Hung Anh informed in the first 11 months of this year, Vietnam’s customs have caught 14,100 cases of violating customs regulations seizing an amount of smuggled, fake and low-quality products worth VND4.23 trillion ($182.83 million).
Mr. Minh referred to a successful crack down on one of Vietnam’s largest cigarettes smuggling to date with the seizure of 8,549 boxes, or over 4.27 million packs of cigarettes from famous brands such as 555, Essi, Yuxi, or Double.
For this years, customs authorities have recovered VND486.7 billion ($21 million) of evaded duties for state budget, Mr. Minh informed.
“In addition to facilitating trade, the customs have given priorities in addressing origin frauds,” Mr. Minh added, saying the authorities have prevented 43 cases of origin frauds so far.
Vice Minister of Finance Vu Thi Mai expected the GDVC to continue its reforming efforts and achieve the customs revenue target of VND315 trillion ($13.62 billion) set by the National Assembly for this year.
“The Ministry of Finance, however, expects the customs authorities to exceed such target by at least 5%,” Mrs. Mai said.
Other News
- Vietnamese consumers spend US$32 million daily on online shopping
- Vietnam targets US$7,500 GDP per capita by 2030
- Gov’t mulls creation of oil and gas trading exchange
- Hanoi promotes women's role in safe agri-food trade
- Vietnam’s stock market set for strong year-end growth
- Hanoi ramps up food safety inspections, identifying and rectifying violations
- Vietnam under pressure to achieve high growth in 2024-2025
- Early warnings help Vietnam mitigate trade probe impacts
- Hanoi's key industries in high recruitment demand
- Continued political trust building between Vietnam and Cambodia
Trending
-
State Funeral held for Communist Party Chief Nguyen Phu Trong
-
Vietnam news in brief - July 26
-
Legal tools required to tackle air pollution issues in Hanoi
-
How fake news hooks us?
-
South Korean writer spends 10 years on book about CPV General Secretary
-
Rustic charm of Hanoi's street vendors: Timeless beauty
-
iHaNoi sees 52,000 registered accounts, 20,000 daily visits
-
Youth-Led Environmental Initiative in Hanoi
-
Unique lotus flower art on display in Hanoi