Taxable Goods Decline by US$265 Million at Hai Phong Customs

The Hai Phong Customs Department said the total import and export value slipped 8% year on year to US$5.711 billion in April.

Of the sum, exports reached US$2.55 billion, down 3.5%, with taxable goods worth US$8.75 million, down 36.3%.

The import value sank 11.3% to US$3.15 billion. However, the taxed value was only US$1.33 billion, sharply down 16.3% (US$265 million) from the same period in 2019.

Among imports, the biggest tax contributors were automobiles and components; motorcycles and components; petroleum products; alcohol; iron and steel; and machinery and equipment.

Specifically, the value of automobiles dived 41.8% to US$55.4 million; automobile components fell 62.2% to US$9.47 million; and motorcycle parts declined 24.7% to US$1.06 million. A few imports had higher value than a year earlier, including motorbikes (rising 118.1% to US$890,000 and cosmetics surged 140.7% to US$430,000).

The Hai Phong Customs Department collected VND18,410 billion in the year to end-April, fulfilling 27.48% of the target set by the Ministry of Finance (VND67,000 billion), 25.93% of the target set by the General Department of Customs, and down 18.3% from the same period in 2019.

Source: Vietnam Business Forum