Vietnam's Customs Revenue Increases by 16.5%

Post by : Shakul

In the first four months of 2026, Vietnam’s trade sector demonstrated remarkable resilience, resulting in a 16.5 percent uptick in customs revenue amidst global economic uncertainties. The Customs Department reported that the total import and export turnover hit 345.68 billion US dollars from January to April this year.

This represents a substantial 24.7 percent growth compared to the same timeframe in 2025. Of this total, export turnover reached 169.02 billion US dollars, while imports accounted for 176.66 billion US dollars. The taxable import and export turnover also saw significant growth, totaling 61 billion US dollars, positively influencing the state budget revenue.

By the end of April 2026, the customs sector collected over 166.3 trillion Vietnamese dong, achieving nearly 37 percent of the annual revenue goal and reflecting a year-on-year increase of 16.5 percent. This growth is attributed to heightened imports associated with production and public investment initiatives nationwide.

According to the Customs and Tax Operations Department, import structures have notably shifted toward sustainable economic sectors. Imports of machinery, equipment, electronic components, chemicals, plastics, steel, and production materials surged to around 30.8 billion US dollars, constituting more than half of taxable imports.

Vietnam also witnessed strong imports of complete automobiles, with over 72,600 vehicles valued at approximately 1.8 billion US dollars arriving during the initial four months. The rise in vehicle imports significantly contributed to state revenue.

Government officials indicated that the rapid disbursement of public investment funds was crucial in boosting demand for essential machinery and industrial materials for infrastructure development. Additionally, notable increases were observed in the imports of gemstones, precious metals, and petroleum products, further bolstering customs revenue.

Nevertheless, authorities cautioned that various risks could impact revenue collection in the coming months. Diminishing crude oil imports and tax reductions on gasoline and aviation fuel are anticipated to significantly affect customs revenue for the remainder of 2026. Estimates suggest that reduced fuel taxes could slash revenue by as much as 11 trillion Vietnamese dong.

Global trade protection policies are also posing challenges to Vietnam’s import-export landscape. Newly imposed tariffs on hot-rolled steel from China and retaliatory measures from the United States could potentially impact both import demands and export efficiency in vital sectors.

To achieve revenue projections, Vietnam's customs authorities plan to enhance AI and digital technology utilization for improved tax oversight and fraud prevention. Efforts are underway to expand electronic clearance systems and bolster collaboration with financial institutions to enhance processing and revenue management.

Officials confirmed that the customs sector will remain focused on debt recovery, tax oversight, and market risk forecasting to ensure consistent budget revenue amid economic and geopolitical fluctuations.

#Economy #Business #Asia News #Vietnam