Import-Export Value Surges to U$$732.5 Bln in 2022

Among the Top 10 events of the customs industry in 2022 are strengthening administrative reform, modernizing and facilitating trade. Vietnam raked in US$732.5 billion from trade for the first time while still ensuring security, safety and preventing loss of revenue.

This encouraging growth after the COVID-19 pandemic resulted from the efforts of the business community, which overcame difficulties to stabilize production, maintain the market, and secure the global supply chain. Besides, it involved the drastic direction and administration of the Government and the Prime Minister to support businesses and people to remove difficulties in production and business, especially important contributions of the Government. The customs sector played a key role in supporting importers and exporters, ensuring raw material sources and supply chains, as well as promoting reform of administrative procedures and speeding up customs clearance procedures. Specifically, right from the beginning of 2022, the General Department of Vietnam Customs (GDC) launched an action plan for implementation of Resolution 01/NQ-CP dated January 8, 2022; Resolution 02/NQ-CP dated January 10, 2022 on accelerated reform of administrative procedures; and Resolution 43/2022/QH15 dated January 11, 2022 on fiscal and monetary policies to support the Socioeconomic Recovery and Development Program. At the same time, the GDC General Director issued Directive 439/CT-TCHQ dated February 11, 2022 to enhance the effect of state budget revenue, which indicated general solutions and specific solutions for each unit to take consistent actions.

Accordingly, the GDC directed relevant subsidiary and affiliated units to set up support groups and handle customs procedures for imported and exported goods to ensure the timely removal of difficulties and obstacles for companies in carrying out customs procedures, improving the business environment, facilitating enterprises to develop stably and firmly, attracting investment and increasing new production capacity, fostering economic growth, and creating a premise to increase revenue for the State Budget.

Customs officers of Dong Nai Customs Department are checking codes of imports and exports

They supported companies to overcome difficulties and gradually restore resilience and restore production. For example, the GDC implemented policies on the exemption, reduction and extension of taxes, fees and charges to support companies and business households in difficulty, for example import tax exemption of VND3.9 billion under Decision 155/QD-BTC, Decision 436/QD-BTC, Decision 2138/QD-BTC, and Decision 1921/QD-BTC; exemption of import tax and VAT of VND113 billion on goods imported for pandemic prevention under Resolution 106/NQ-CP; and VAT reduction of VND16,677 billion according to Decree 15/2022/ND-CP.

In addition, in the context of the strong Fourth Industrial Revolution, in response to digital transformation and modernization, the GDC carried out the electronic tax payment project with 46 banks to collect taxes. Specifically, 39 banks took part in the 24/7 electronic tax payment program and seven banks joined the enterprise electronic tax payment and collection program to enable companies and business individuals to pay taxes anytime, anywhere.

In addition, the GDC coordinated with the General Department of Taxation to open dialogue conferences with businesses to promptly remove emerging difficulties for enterprises. Therefore, Vietnam's import and export value officially reached US$732.5 billion in 2022. This impressive result was attributed to ongoing efforts of the Government, central and local agencies and the business community over the past time. This result will be an important basis for ministries and branches to complete their assigned tasks, and gradually restore production, business and socioeconomic development. Especially, the finance sector, including the GDC, will continue to fulfill their tasks of collecting the State budget in 2022, create momentum to promote Vietnam's importation and exportation, and reaffirm Vietnam's role in global merchandise supply chains.

While creating favorable conditions for businesses, in order to improve the effectiveness of state management and prevent budget revenue loss in 2022, the GDC directed its subordinates and affiliates to necessarily focus on collecting and analyzing information beyond the sector, identifying signs of risks to take measures to check, monitor and control; conduct post-customs clearance inspection, specialized inspection, fight against smuggling and commercial fraud; strengthen inspection and control of import and export goods in their places to create consensus and uniformity in implementation; focus on checking quantity, value, code and origin to detect and promptly handle violations; and organize tax collection and handling to ensure completion of assigned targets. As a result, these measures helped prevent a reported budget revenue loss of VND1,170 billion in the first 11 months of 2022.

By Hien Phuc, Vietnam Business Forum