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Home / Economy / Trade - Service
Custom revenue target in 2018 challenging
Nguyen Tung 09:04, 2018/04/08
Vietnam`s custom revenue in first quarter reached VND68 trillion (US$3 billion), down 2.16% compared to previous year, informed the General Department of Vietnam Customs (GDVC).
The figure is equal to 24.04% of the target for 2018 and 23.2% of expectation. 
 
Illustration photo.
Illustration photo.
Consequently, revenue from trade activities accounted for US$23.4 billion, up 7.73% year on year, according to Luu Manh Tuong, the Director of Import - Export Duty Department under the GDVC on April 6 meeting. 

Among those generating revenue, petroleum products witnessed the highest growth rate of revenue at VND9.3 trillion (US$410 million), increasing VND3.5 trillion (US$154.3 million) over the last year's period. 

Following the custom revenue number in the first quarter and potential impact of related policies in the coming time, achieving the revenue target of VND283 trillion (US$12.5 billion) and the expectation of VND293 trillion (US$12.9 billion) will be challenging, assessed Tuong.

Specifically, forgone revenue from free trade agreements (FTAs) in 2018 is expected at VND30.1 trillion (US$1.3 billion). Moreover, revenue from petroleum products is forecasted to significantly reduce, due to the operation of Nghi Son refinery and petrochemicacl complex starting in the second quarter. 

Substantially, the import tariffs for auto parts will be 0% as stipulated in the ASEAN trade in Goods Agreement (ATIGA) and the ASEAN - China Free Trade Area (ACFTA), import tariffs, thus will be refunded to enterprises.

It is expected the refunded tax amount in first quarter is VND900 billion (US$39.7 million), leading to a forgone revenue from this type of goods in 2018 at VND3.5 - 4 trillion (US$154.3 - 176.4 million). 

Custom revenue from importing completely built-up (CBU) units will be impacted from the Decree No.116 on specifying the regulatory conditions and licenses for automobile manufacturing, assembling, importing, maintenance, and warranty businesses.

To achieve revenue target in 2018, Tuong stressed the necessity of creating favorable conditions for enterprises and preventing them from exploiting loopholes in policies. 

Concurrently, it is essential to timely identify smuggling and trade fraud activities to avoid losses of state budget. 

In March, Vietnam's customs revenue is estimated at VND23.5 trillion (US$1.03 billion), significantly higher than in February.

Vietnam's total trade turnover in March reached US$38.8 billion, up 36.8% over February, of which export value reached US$19.8 billion, increasing 38.2% compared to February, while import turnover is reported at US$19 billion, increasing 35.4% over the last month.

Consequently, in the first 3 months of 2018, Vietnam's trade turnover is estimated at US$107.32 billion, increasing 17.7% compared to the same period of last year. Specifically, export turnover accounted for US$54.31 billion, increasing 22% and import turnover of US$53 billion, up 13.6% year on year. 
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