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
- Vietnam Business Forum 2019 opens in Hanoi
- Vietnam Business Forum opens in Ha Noi on Friday
- Vietnam Business Forum opens in Hà Nội on Friday
- Vietnam’s GDP to ease slightly in 2020
- What will happen if Vietnam reduces tariffs on American farm imports?
- When will Vietnam have the Vietnam Stock Exchange?
- Vietnam’s e-commerce market to rocket to $13 billion in 2020
- More than 89,000 VN businesses leave market in 2019
- Vietnam's export of main agricultural products down 5.3% in 2019
- Export figures underpin strong 2019 for Vietnam
- Vietnam’s economy is expected to maintain good growth in 2020
- Legal framework for ‘Made-in-Vietnam’ products to curb trade fraud
VIETNAM BUSINESS NEWS HEADLINES NOVEMBER 11 have 298 words, post on vietnamnet.vn at November 11, 2020. This is cached page on Konitono. If you want remove this page, please contact us.