Officers of HCM City Customs Department process procedures for enterprises. Photo: T.H

According to preliminary statistics, the total taxable import-export turnover of the whole country in August decreased by 1.9% compared to July. Of which, the taxable import turnover alone dropped 1.5% compared to July.

Notably, the turnover of some imported goods with large values and high tax rates plunges, including: Coal of all kinds down 45% in volume and 19.7% in value, reducing the revenue by VND430, crude oil down 11.8% in volume and 12.9% in value, reducing revenue by VND 275 billion; petroleum products down 25.6% in volume and 20.1% in value, reducing revenue by VND571 billion; phones and components down 21.2% in value, reducing the revenue by VND210 billion; CBU cars down 12.3% in volume and 11.8% in value, reducing the revenue by VND597 billion compared to July 2024.

Notably, as the department accounting for the largest proportion in the import-export revenue of the whole country, HCM City Customs Department has faced difficulties in revenue collection and recorded the decrease in revenue.

According to the assessment, the decline in revenue under the management of the Ho Chi Minh City Customs Department is mainly due to weak market supply and demand and purchasing power, and the large number of imported cars remaining at the port. Many imported goods with high tax rates that have had their taxes reduced and will be reduced further in the coming years under the tariff reduction roadmap committed in free trade agreements (FTAs). On the other hand, the policy of reducing VAT (from 10% to 8%) for a number of goods has also had a significant impact on the revenue of Ho Chi Minh City.

A representative of the Import-Export Tax Department, General Department of Customs emphasized that from now until the end of the year, the VAT reduction policy will continue to be implemented, and expected to reduce revenue by about VND18,000 billion.

The Customs implements import tax refunds for auto parts, which will also reduce total revenue by about VND6,000 billion. These are challenges for the revenue collection of the Customs.