State revenue from exports-imports down 19% in first two months
State revenue from exports-imports down 19% in first two months
State budget collection from export-import activities reached VND56.3 trillion (US$2.37 billion) in the first two months of 2023, or 13.3 per cent of the year’s plan, down 19.4 per cent year-on-year, according to data from the General Department of Customs.
The country’s total export-import value was worth more than $96 billion in the first two months, down 13 per cent year-on-year.
Of the figure, exports were worth $49.44 billion, down 10 per cent, and imports $46.62 billion, down 16 per cent.
The National Assembly has assigned the General Department of Customs this year to collect VND425 trillion ($17.9 billion) worth of State budget revenue.
Economic expert Dinh Trong Thinh of the Academy of Finance said it was challenging to meet the target as a decline in global consumption demand mostly caused by high inflation and economic recession in most countries has adversely affected the country’s import and export activities.
In addition, the customs sector’s revenue collection faces challenges when implementing the tariff reduction roadmap as committed to in trade agreements.
As of the end of last year, the Government issued 16 decrees on preferential import and export tariffs to implement 16 agreements in the 2022-27 period.
This year many imported products with high tax rates will see tax cuts according to the schedule, and the reduction will be even deeper in the following years.
The department has issued a directive to improve State management in State budget revenue collection, including improving customs administrative procedures and enhancing trade facilitation.
The customs sector will continue to embrace digital transformation with an aim to achieve the target of paperless customs under a directive issued last year by the department.
Accordingly, all customs procedures nationwide will be conducted on digital platforms.
The sector will also step up connectivity and digital transformation through the national single window system.
It will strengthen inspection of customs procedures and tax administration, especially post-customs clearance inspection and specialised inspection.
It will also focus on fighting against smuggling and trade fraud.
