The Customs’ revenue increased due to petroleum import

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Customs officials carrying out Customs procedures for imported petroleum products

Specifically, the Director of Import and Export Duty Department said, the revenue in May 2018 reached VND 29,236 billion, increasing by 27% compared to April 2018. This brought the total revenue in the first months of 2018 of the Customs sector to VND 120,987 billion, accounting for 42.75% of the estimate, equivalent to 40.37% of the desired target, an increase of 2.29% compared to the same period in 2017 (VND 118,275 billion).

Specifically analyzing on the factors affecting the State revenues of the Customs sector, Mr. Luu Manh Tuong said that the revenue from petroleum products in the first five months reached VND 15,596 billion, increasing by VND 5,094 billion compared to the same period in 2017. Therefore, the revenue’s increase in the first five months was mainly due to the increase of petroleum import in volume and value. However, the leader of the Import and Export Duty Department forecasted that the revenue from petroleum products in the last months of the year was expected to sharply decline because the Nghi Son Refinery will launch commercial products.

In May, turnover of some items increased and declined sharply, such as crude oil export, valued at USD 201 million, increasing 56.8% compared to the previous month. From the beginning to the end of May 2018, export turnover of crude oil reached USD 859 million, decreasing 25.6% compared to the same period in 2017.

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However, the import turnover of petroleum products in May reached US$ 873 million, increasing by 38.3% compared to the previous month. In the first five months of 2018, the import turnover of petroleum products reached USD 3.67 billion, an increase of 37.3% compared to the same period in 2017.

For CBU cars, the import volume in May 2018 reached 2,300 units, valued at USD 68 million, decreasing by 12.2% in volume and increasing by 10.4% in value compared to the previous month. Accordingly, in the first five months of 2018, the total number of imported CBU cars was 9,000 units, valued at USD 248 million, decreasing 79% in volume and 71.5% in value compared to the same period in 2017