31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Cars imports, crude oil help Vietnam customs beat 2019 revenue target
Ngoc Mai 14:18, 2019/12/19
In the January – November period, Vietnam imported 135,230 cars worth US$2.91 billion, up 100.4% in quantity and 97.7% in value year-on-year.

Hefty imports of cars and crude oil into Vietnam helped customs authorities collect over VND335.6 trillion (US$14.48 billion) in taxes as of December 17, exceeding the target of VND315.5 trillion (US$13.61 billion) set by the Ministry of Finance and up 11.6% year-on-year, according to the General Department of Vietnam Customs (GDVC).

 Overview of the conference. Source: GDVC. 

In the January – November period, Vietnam imported 135,230 cars worth US$2.91 billion, up 100.4% in volume and 97.7% in value year-on-year, leading to customs revenue of VND38.2 trillion (US$1.64 billion), up VND19.32 trillion(US$833.77 million) or 102.4% year-on-year.

Meanwhile, nearly 7.07 million tons of crude oil were imported in the 11-month period worth US$3.33 billion, up 58% in volume and 38% in value year-on-year, resulting in customs revenue of VND7.87 trillion (US$339.64 million), up 41% year-on-year.

Customs revenue from other goods also increased VND14.72 trillion (US$635.26 million), up 5.8% year-on-year, stated the GDVC.

According to the GDVC, such positive results were thanks to Vietnam’s actively participation in multilateral and bilateral cooperation with regional and international partners.

The signing and enforcement of a number of free trade agreements, including the Vietnam – South Korea FTA (VKFTA), the ASEAN – South Korea FTA (AKFTA), the Comprehensive and Progressive Trans – Pacific Partnership (CPTPP), have created a positive impact on Vietnam's business environment, supporting local enterprises to expand investment and trade activities, said the GDVC.

Additionally, as of November 30, revenue gained from measures to prevent losses to the state budget was estimated at over VND3.88 trillion (US$167.44 million), including VND992 billion (US$42.81 million) from resolving tax arrears, VND1.8 trillion (US$77.67 million) from post-customs clearance, VND481 billion (US$20.75 million) from price consulting, VND448.3 billion (US$19.35 million) from anti-smuggling, and VND167.1 billion (US$7.21 million) from inspections.

TAG: Vietnam crude oil customs imported cars revenue anti-smuggling FTA South Korea ASEAN CPTPP integration
Other news
13:32, 2023/32/06
Hanoi eyes 7% GRDP growth in 2023
Hanoi aims to maintain macroeconomic stability and control inflation while promoting new growth drivers and enhancing its economic resilience.
15:36, 2023/36/03
Hanoi creates favorable conditions for expansion of gas stations
Gas stations throughout the city are expected to provide clean energy and car wash services to protect the city's environment and promote a green transition.
15:51, 2023/51/31
Vietnam is 10th worldwide in remittance
Vietnam receives total US$19 billion worth of remittances in 2022, up 5.5% on-year.
10:05, 2023/05/31
Vietnam posts trade surplus of US$3.6 billion in January
The US remained Vietnam’s largest export market, with a revenue of $7.6 billion, while China was the top supplier of imported products at $8.1 billion.
21:39, 2023/39/28
Vietnam spends US$9 billion on oil imports in 2022
South Korea was the largest petroleum supplier of Vietnam, with 3.22 million tons, up 96% year on year.
20:05, 2023/05/26
Vietnam set for robust economic growth in 2023: Experts
The country’s economic performance next year will remain solid despite strong headwinds.