Revenue from import and export reaches 42.1% of the estimate in four months

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Operations at Ha Nam Customs Branch. Photo: H.Nu

In the first four months of 20212, Vietnam’s imports and exports increased 15.9% or US$33.21 billion year-on-year to US$242.43 billion. Meanwhile, exports rose 16.5% or US$17.31 billion to US$122.48 billion and imports rose 15.3% or US$15.89 billion to US$119.95 billion.

Merchandise trade balance in four months had a surplus of US$2.53 billion, US$1.42 billion higher than the surplus of US$1.11 billion in the same period last year.

Although in April 2022, import and export turnover decreased by US$1.59 billion from March, the average import and export value per working day was still US$270 million/day higher than in March. Meanwhile, Vietnam’s trade in goods saw a decrease of nearly 2.4% to US$65.78 billion from the previous month. Of which, the exports fell 4% to about US$33 billion and imports slightly fell 0.6% to US$32.47 billion.

The state revenue in the first four months of the year from import and export activities also rose 19.7% year-on-year to VND148,316 billion, or 42.1% of the assigned target and 40.1% of the ambitious target.

However, April's budget revenue from import-export activities only reached VND38,260 billion, down 4.8% compared to March.

To ensure the State revenue, the General Department of Customs requests customs units to follow Directive 439/CT-TCHQ dated February 11, 2022 on the implementation of solutions to facilitate trade, improve the effectiveness of state management, and prevent revenue loss in the state budget collection task in 2022.

Why is it difficult to reduce the cost of import and export activities?

Moreover, customs units are required to actively review comments from relevant units to complete the draft Directive of the General Department of Customs on strengthening tax exemption, reduction, refund and non-tax collection for import and export goods in compliance with the provisions of the law on tax and tax administration.