Vietnam Customs Collects over VND88 Trillion of Revenue in Q1, 2024

The customs sector collected a budget revenue of VND88,354 billion in the first quarter (Q1 )of 2024, equal to 26.3% of the full-year target and down 4.2% year on year, said the General Department of Vietnam Customs.

The export value in March was estimated at US$34.01 billion, up 37.8% (US$9.32 billion) month on month, and the import value was forecast at US$31.08 billion, up 33.4% (US$7.78 billion).

State budget revenue from imports and exports in March was VND31,935 billion, up 3.9% month on month.

Thus, the import and export value in March totaled US$65.09 billion, representing a month-on-month growth of 35.6% (US$17.1 billion). The trade surplus was estimated at US$2.93 billion.

In the January-March period, the export value grossed US$93.06 billion, up 17% (US$13.51 billion) year on year. The import value was projected at US$84.98 billion, up 13.9% (US$10.35 billion).

In Q1 2024, the total import and export value was estimated at US$178.04 billion, up 15.5% (US$23.86 billion). The trade surplus amounted to US$8.08 billion.

According to experts, the current good manufacturing recovery has assisted the recovery of export growth. In particular, many major export markets have recovered and lived through recessions. With the global market recovery and increased export orders, merchandise imports and exports revived in Q1 2024.

To facilitate people and businesses to handle import and export procedures, including customs procedures, all of basic customs procedures have been automated to date; all customs offices and branches perform electronic customs procedures, with 99.65% of businesses in use.

The deployment of electronic customs procedures made a breakthrough reform as it comprehensively changed how customs documents are declared and submitted, from manual to electronic. The handling of feedback from customs authorities to businesses is also carried out through an electronic system, greatly facilitating import and export activities, minimizing documents and paperwork and simplifying customs documents in all stages. It takes just 1-3 seconds to receive and handle green-flow declarations.

At the same time, the customs sector has supported and cooperated with trade associations and businesses in providing information on policies and legal regulations on customs procedures and import-export policies on a regular and timely basis and strengthened training and coaching for agent employees in charge of carrying out customs procedures, improving professional qualifications, building reputation to attract importers and exporters, and sharpening competitiveness in the region.

Hien Phuc, Vietnam Business Forum