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Dec 19, 2019 / 14:18

Cars imports, crude oil help Vietnam customs beat 2019 revenue target

In the January – November period, Vietnam imported 135,230 cars worth US$2.91 billion, up 100.4% in quantity and 97.7% in value year-on-year.

Hefty imports of cars and crude oil into Vietnam helped customs authorities collect over VND335.6 trillion (US$14.48 billion) in taxes as of December 17, exceeding the target of VND315.5 trillion (US$13.61 billion) set by the Ministry of Finance and up 11.6% year-on-year, according to the General Department of Vietnam Customs (GDVC).

 Overview of the conference. Source: GDVC. 

In the January – November period, Vietnam imported 135,230 cars worth US$2.91 billion, up 100.4% in volume and 97.7% in value year-on-year, leading to customs revenue of VND38.2 trillion (US$1.64 billion), up VND19.32 trillion(US$833.77 million) or 102.4% year-on-year.

Meanwhile, nearly 7.07 million tons of crude oil were imported in the 11-month period worth US$3.33 billion, up 58% in volume and 38% in value year-on-year, resulting in customs revenue of VND7.87 trillion (US$339.64 million), up 41% year-on-year.

Customs revenue from other goods also increased VND14.72 trillion (US$635.26 million), up 5.8% year-on-year, stated the GDVC.

According to the GDVC, such positive results were thanks to Vietnam’s actively participation in multilateral and bilateral cooperation with regional and international partners.

The signing and enforcement of a number of free trade agreements, including the Vietnam – South Korea FTA (VKFTA), the ASEAN – South Korea FTA (AKFTA), the Comprehensive and Progressive Trans – Pacific Partnership (CPTPP), have created a positive impact on Vietnam's business environment, supporting local enterprises to expand investment and trade activities, said the GDVC.

Additionally, as of November 30, revenue gained from measures to prevent losses to the state budget was estimated at over VND3.88 trillion (US$167.44 million), including VND992 billion (US$42.81 million) from resolving tax arrears, VND1.8 trillion (US$77.67 million) from post-customs clearance, VND481 billion (US$20.75 million) from price consulting, VND448.3 billion (US$19.35 million) from anti-smuggling, and VND167.1 billion (US$7.21 million) from inspections.