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The operation of Nghi Son oil refinery does not affect loss of Customs revenues

19:29 | 19/07/2018

VCN- As for the information given that "Nghi Son oil refinery caused Customs loss of up to VND 15,000 billion", the General Department of Vietnam Customs said that the information was not accurate, which caused confusion between the concept of "loss"and "reduction".

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the operation of nghi son oil refinery does not affect loss of customs revenues
Customs officers check imported petroleum. Photo: M. Hung.

State budget revenue is one of the important tasks of the Customs. Therefore, closely monitoring to make assessment forecasts as well as factors affecting state budget revenue is one of the regular tasks of the Customs sector to manage the State budget revenues well.

Petrol is an important item that has a great impact on the State budget revenues of the Customs sector every year. Customs revenues in the first 6 months of 2018 increased mainly due to imported petrol. In the first 6 months, petroleum imports increased both in volume and value (an increase of 10.4% in volume and 38.8% in value over the same period last year). In June 2018, petroleum imports climbed by 3.5% from the previous month to $US 900 million, an increase of 3% from the previous month.

It is forecasted that by July 2018, the Nghi Son oil refinery will supply 3.99 million tons of petroleum products to the market, thus reducing the amount of imported petroleum, thus reducing State budget revenues from petroleum of about VND 15,000 billion.

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Nghi Son Refinery and Petrochemicals LLC (NSRP) on May 1 launched the first shipment of commercial product, ...

Thus, if the Nghi Son oil refinery works on schedule, the State budget revenue of the Customs will decrease rather than show a loss as the above information has been provided.

By Thu Trang/ Hoang Anh