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5 Months : State budget revenue from customs sector reached VND 102 trillion

13:50 | 30/06/2016

VCN- According to the statistics of the General Department of Customs, in the first 5 months of 2016  the calculated state budget revenue generated by the Customs sector was VND 102 trillion, being 37.78% of the estimated revenue and represents a decrease 1.89% for the same period in 2015.  

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5 months state budget revenue from customs sector reached vnd 102 trillion
In 5-2016, Customs calculated state budget revenues would reach VND 22,500 billion. Photo: T.T

In May 2016, Customs calculated state budget revenues would reach VND 22,500 billion, down VND 614 billion against the previous month.

Specifically, the turnover of some items which normally have high turnover decreased from the previous month such as: automobiles in completed units of various kinds (up 27.7% in volume but down 22.4% in value), petroleum (down 14.5% in volume and 6.9% in value), Scrap iron and steel (down 18.4% in volume and 8.3% in value); vehicles and spare parts (down 61.2%)

On the other hand, in May there were many holidays (a total of 11 days off) which had a significant impact on the State budget collection in the Customs sector.

Total import-export value of the country in the 5th month of 2016 reached $US 29.6 billion, up 4.1% against the previous month. In particular, the total value ofexports was estimated at $US 14.6 billion, up 1.7%. Total value of imports was estimated at $US 15 billion, up 6.6% against the previous month.

Accordingly, in the first 5 months of  2016, the total import-export value of Vietnam was estimated at $US 134.05 billion, up 2.8% from the same period in 2015. The balance of trade in goods of Vietnam in May 2016 was estimated in deficit by  $US 400 million. By the end of May-2016, Vietnam ‘s goods trade is expected surplus of $ US1.36 billion.

Overall, import and export turnover in the first 5 months of 2016 is expected to increase but estimated  revenues decreased compared to the same period in 2015 due to import turnover of some major items with big amounts tending to decline compared to the same period last year, such as petroleum, automobiles, machinery and spare parts, vehicles and spare parts.

In addition, there are other factors causing reduced revenue compared to the same period last year, such as: reduction in crude oil prices, and the implementation of  the EU Free Trade Agreement (EUFTA).

Identifying the challenges, leaders of the General Department of Customs have identified specific measures to fulfill the task of collecting revenue for the state budget, which will focus on controlling and preventing smuggling and commercial fraud in key areas, preventing revenue losses in total amount, value, code, C/O. Also to strengthen inspection internal controls and the application of risk management, enhanceing Customs inspection and supervision, and enforcing discipline in the Customs sector.

By Thu Trang/Hoang Loan