Ho Chi Minh City Customs’ revenue reaches over VND45,730 billion

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Customs performance at Hon Gai Customs Branch, Quang Ninh Customs Department. Photo: Q.N

According to Ho Chi Minh City Customs Department, the revenue from 10 major import commodities contributing to the department’s revenue sharply decreased by 15-50% over the same period in 2019.

The revenue from five major import commodities, that are CBU cars, motorcycles, iron and steel, other means of transport and petroleum products, dropped by about VND7,500 billion compared to the same period in 2019.

Commodities with increased import turnover andlow tax rates (import tax rate of 0% due to the application of FTAs, VAT rate of 0% and 5%) such as: computers, electronics, components, agricultural products, fishery products, pharmaceuticals and chemicals,so the increase in taxes (mainly from VAT) cannot compensate for the reduced import tax.

According to the forecast from the Ho Chi Minh City Customs Department, in the last six months of the year, the revenue collection mayprosper because the Government and People's Committee of Ho Chi Minh City have stared action programs and economic recovery plans but it will face difficulties even if export turnover increases.

The positive sign is that the group of raw materials and suppliesstill grows stably, contributing to creating finished products for export and stabilizing the domestic market.