VIETNAM BUSINESS NEWS HEADLINES NOVEMBER 11

Vietnam customs revenue down by nearly 15% in Jan-Oct The customs authority is set to step up efforts against smuggling, trade and origin frauds. The government forewent over VND8.2 trillion (US$355.45 million) in customs revenue between January and October as a result of Vietnam’s commitments to free trade agreements. Vietnam’s customs revenue in the first ten months of 2020 declined by 14.66% year-on-year to VND250.46 trillion (US$10.86 billion), or 74.10% of the year’s estimate. The Import – Export Duty Department under the General Department of Vietnam Customs (GDVC) attributed the decline in customs revenue to the severe impacts of Covid-19 pandemic on trading activities, especially in importing machinery, auto parts, petroleum products, among others. Meanwhile, at the time of planning, prices of crude oil were predicted to reach US$60 per barrel, but now hover around US$40 per barrel, which directly impacts customs revenue. Vietnam’s customs authority said the country’s global economic integration and participation in free trade agreements have offered both opportunities and challenges to the economy. On the positive side, Vietnam’s trade turnover in the first 10 months this year stood at US$439.81 billion, up 2.65% year-on-year, of which exports rose by 4.9% year-on-year to US$229.65 billion and imports… Read full this story

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