Vietnam's Trade Dynamics: Balancing Revenue and Vigilance
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- Published: Monday, 08 April 2024 03:05
Vietnam's fiscal landscape in the first quarter of this year has been marked by a mix of encouraging export growth and vigilance against illicit activities, as reported by the general department of Vietnam customs. Despite a slight dip in budget revenue from exports and imports compared to the same period last year, the country has witnessed a notable surge in exports, resulting in a trade surplus.
In the first quarter of this year, Vietnam's budget revenue from exports and imports amounted to VND 88.35 trillion ($3.53 billion), representing 26.3 percent of the estimate set for the period. However, this figure reflects a 4.2 percent decline compared to the corresponding period last year. Notably, exports surged by 17 percent year on year, reaching $93.06 billion, while imports also saw an increase of 13.9 percent, totaling $84.98 billion. This robust export performance has led to a trade surplus of approximately $8.08 billion, underscoring the resilience of Vietnam's trade sector amidst global economic uncertainties.
Against the backdrop of evolving trade dynamics, the general department of Vietnam customs has been tasked with collecting VND 375 trillion for the state coffers this year, with an expected contribution of VND 204 trillion from exports and imports. In response, the department has pledged to continue its efforts in reforming customs policies and procedures. Emphasis will be placed on establishing a comprehensive legal framework to support the development and implementation of a digital and smart customs model. By streamlining processes and leveraging technology, Vietnam aims to enhance trade facilitation and contribute to meeting growth targets.
In addition to revenue collection, customs authorities have remained vigilant in detecting and addressing illicit activities such as smuggling, trade fraud, and drug trafficking. In the first quarter alone, authorities identified and handled 3,483 cases with a total value of approximately 5.81 trillion VND. This steadfast commitment to combatting illicit trade not only protects the integrity of the market but also safeguards public safety and national security.
As Vietnam navigates the complexities of global trade dynamics, the focus remains on striking a balance between promoting economic growth through exports and imports while ensuring compliance and combatting illicit activities. With continued efforts in customs reforms, leveraging digital solutions, and maintaining vigilance, Vietnam is poised to sustain its economic resilience and contribute to regional and global trade stability in the quarters ahead.