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Vietnam's custom revenue reaches US$ 5.3 million within 5 months

15:36 | 05/06/2020

The Vietnamese government’s revenue from customs duties in the first five months of 2020 was estimated at VND123.484 billion (US$5.3 million), down 17.18% compared to the same period of 2019.

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vietnams custom revenue reaches us 53 million within 5 months
In the first five months, the total revenue collection of the whole customs sector is VND 123,484 billion (US$5.3 million) (Photo: VNS)

According to Custom News, in the first five months, the total revenue collection of the whole customs sector is VND 123,484 billion (US$5.3 million), 36.5% of current appropriation, 34.8% of the striving target, down by 17.18% over the same period in 2019.

Data released by the General Department of Customs on June 6 showed tariff revenues in May stood at VND21.257 trillion (US$916.5 million).

Regarding export turnover, in May, the total export value of Vietnam is estimated to reach $37.9 billion, up by 5% compared to the last month.

In particular, total export value is estimated at $18.5 billion, up 5.2% and total import value is estimated at $19.4 billion, up 4.7%. Compared to the same period in 2019, Vietnam’s export value decreased by 15.5% and import value decreased by 15.9%.

With the above developments, Vietnam's trade balance in May is estimated to suffer a trade deficit of $900 million.

vietnams custom revenue reaches us 53 million within 5 months
Vietnam’s total export and import turnover in the first five months of 2020 fell 2.8% (Photo: Custom News)

Last month, Vietnam imported US$19.4 billion worth of goods while exporting US$18.5 billion.

However, total exports in the January-May period outstripped imports during the same time by US$1.88 billion, according to official data.

Due to the coronavirus pandemic, Vietnam’s total export and import turnover in the first five months of 2020 fell 2.8% from last year’s figure to an estimated US$196.8 billion, Nhan Dan reported.

Some export commodity groups are estimated to grow well in the month such as:

Crude oil is estimated at 486 thousand tonnes, up 4.1% and valued at $110 million, up 103.2% compared to April 2020.

Ores of all kinds are estimated at 250 thousand tonnes, up 13.6% and worth $16 million, up 34.1% over the previous month.

The key imported goods have had noticeable increases such as:

Petrol and oil of all kinds are estimated at 650 thousand tonnes, up 20.7% from the previous month and worth $152 million, up 7.7%.

Computers, electronic products and components are estimated at $4.2 billion, up 9.7% from the previous month.

Machinery, equipment, tools and spare parts are estimated at $3.1 billion, up 4.1% compared to the previous month.

Other noteworthy imported items are completed built unit (CBU) cars with an estimated output of 5,000 units, up 5.7% and worth $ 110 million, down 15.8% from the previous month.

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