Vietnam ‘s customs revenue set to hit over $13 billion in 2020
Vietnam ‘s customs revenue set to hit over $13 billion in 2020
Vietnam’s trade performance continues to stay positive with the trade turnover as of December 15 rising by 4.5% year-on-year, or US$22 billion to $515.27 billion.
By the end of 2020, Vietnam’s customs revenue is set to reach VND315 trillion (US$13.62 billion), down 6.8% against the year’s estimate.
Overview of the meeting. Photo: Hai Quan Online.
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Director of the Import-Export Tax Department under the General Department of Vietnam Customs (GDVC) Le Nhu Quynh revealed the figure at a conference discussing the performance of Vietnam’s customs in 2020 and its objectives for 2021 on December 24.
“In 2020, growing global uncertainties, including trade tensions among superpowers and the Covid-19 pandemic, have create both challenges and opportunities for Vietnam,” added Mrs. Quynh.
Meanwhile, the fact that the country continues to join new-generation free trade agreements such as the EVFTA and RCEP with high commitment levels in both import duty, market access and intellectual property rights, have been affecting Vietnam’s trading activities, she noted.
In this context, Vietnam’s trade performance continues to stay positive with the trade turnover as of December 15 rising by 4.5% year-on-year or US$22 billion to $515.27 billion. Of the sum, the country’s exports rose by 6.1% year-on-year to $267.22 billion and imports of $248.04 billion, up 2.7%, noted Mrs. Quynh.
“The GDVC puts strong focus on administrative reform and modernization of customs procedures, while pushing ahead with the fight against trade fraud and smuggling,” she continued.
Director of the GDVC’s Anti-smuggling Investigation Department Nguyen Hung Anh informed in the first 11 months of this year, Vietnam’s customs have caught 14,100 cases of violating customs regulations seizing an amount of smuggled, fake and low-quality products worth VND4.23 trillion ($182.83 million).
Mr. Minh referred to a successful crack down on one of Vietnam’s largest cigarettes smuggling to date with the seizure of 8,549 boxes, or over 4.27 million packs of cigarettes from famous brands such as 555, Essi, Yuxi, or Double.
For this years, customs authorities have recovered VND486.7 billion ($21 million) of evaded duties for state budget, Mr. Minh informed.
“In addition to facilitating trade, the customs have given priorities in addressing origin frauds,” Mr. Minh added, saying the authorities have prevented 43 cases of origin frauds so far.
Vice Minister of Finance Vu Thi Mai expected the GDVC to continue its reforming efforts and achieve the customs revenue target of VND315 trillion ($13.62 billion) set by the National Assembly for this year.
“The Ministry of Finance, however, expects the customs authorities to exceed such target by at least 5%,” Mrs. Mai said.
