Customs Sector Fulfils 99.95% of Estimate Budget Revenue

10:19:28 AM | 11/30/2021

The customs sector continued to develop and complete many institutional reforms and administrative procedures in the first 10 months of 2021.

Import and export activities extended growth momentum to become a bright spot in Vietnam's economic picture this year. The export and import value totaled nearly US$600 billion in the first 11 months.

The customs collected VND329,544 billion in the year to November 15, up 22.46% year on year, according to preliminary statistics released by the General Department of Vietnam Customs. High revenue was attributed to an increase in crude oil prices, resulting in price hikes of gas, plastics, chemicals and other commodities. Prices of iron, steel and ores advanced sharply. The import of completely built automobiles soared 1.6 times. Particularly, in 2021, many wind power projects have been implemented, giving rise to a sudden growth of tax on imported components, machinery and equipment.

Apart from objective reasons and business recovery in the first six months of the year, this strong performance came from the sector’s continued reforms of administrative procedures, information technology application and facilitators for import and export.

An official from the Import-Export Tax Department, the General Department of Customs, said that the General Department directed consistent solutions on revenue collection in 2021 much earlier than in previous years. Notable guidance includes Directive 215/CT-TCHQ dated January 15, 2021 on enhancing the effect of state budget revenue collection and Official Dispatch 119/TCHQ-GSQL dated January 11, 2021 on improved customs inspection. Accordingly, local customs authorities have simultaneously carried out these tasks and solutions from the first days of the year.

By Le Hien, Vietnam Business Forum