Import and export have prospered and are the bright spot of the economy. Photo: T.Binh

Turnover rose by nearly US$71 billion

According to the latest preliminary data from the General Department of Customs, Vietnam's import and export turnover in November was $57.3 billion, an increase of 1.7% from the previous month.

Exports were $29.02 billion, a decrease of 4.4%, while imports were $28.28 billion, a decrease of 1.3%.

In the first 11 months of the year, Vietnam's import and export turnover was $673.7 billion, an increase of 11.8% or $70.92 billion year-on-year. Exports rose 13.4% to $342.19 billion, while imports rose 10.1% to $331.51 billion.

Thus, the country had a trade surplus of US$742 million in November, bringing the trade surplus between January and November to US$10.68 billion.

With an average turnover of more than $61 billion per month, it is expected that by mid-December, Vietnam's trade will reach $700 billion and more than $730 billion for the year.

The latest data from the General Department of Customs also showed fairly even growth across all sectors and fields, particularly in export activities.

Specifically, the exports to almost all important markets maintained double-digit growth. Exports to the United States rose by 21.7%, the EU by 23.8%, Japan by 22.6%, and South Korea by 14.6%.

Accordingly, the product groups also had impressive growth. In addition to technology group such as phones and components; computers, electronic products and components; or machinery, equipment, tools, spare parts, the agricultural sector recorded an impressive recovery in export.

According to a recent report by the Ministry of Agriculture and Rural Development, by the end of November, Vietnam exported more than US$49 billion of agricultural, forestry and fishery products (higher than the export in 2021 of US$48.6 billion). Notably, in 2022, in addition to wood and wooden products, seafood recorded a turnover of over US$10 billion.

Generally, import and export activities in 2022 all recorded impressive results, showing a strong recovery after the Covid-19 pandemic.

Help increase revenue

The growth in import and export turnover has contributed to positive growth in the revenue of the Customs sector. In the first 11 months of the year, the Customs collected VND401,221 billion, exceeding the 14% estimate and reaching 95.5% of the ambitious target of VND 420,000 billion.

This represents a 14.28% increase over the same period in the previous year. The growth in revenue is due to the increase in the total taxable import and export turnover, which grew 12.21% year-on-year to reach $139.71 billion. Of this, taxable imports increased by 11.2% to $131.38 billion, while taxable exports increased by 30.9% to $8.33 billion.On the other hand, the sharp increase in crude oil price over the same period and compared to the estimate is the main reason for the increase in budget revenue in the past 11 months.

Specifically, imported crude oil rose 4.5% in volume and 58.8% in turnover to 9.24 million tons and US$7.18 billion respectively, increasing by VND 7,000 billion in revenue; petrol and oil of all kinds rose 21.7% in volume and 115% in turnover to 6.19 million tons and US$6.36 billion respectively, increasing by VND17,500 billion in revenue; plastic raw materials rose 4.9% in volume and 8.5% in turnover to 4.2 million tons and US$ 6.92 billion, increasing by VND1,500 billion in revenue; iron and steel of all kinds decreased by 4.3% in volume to 8.8 million tons but increased by 4.7% in turnover US$8.39 billion, increasing by VND970 billion in revenue; and CBU cars of all kinds rose 4.7% in volume and 5.9% to 151,270 units and US$ 3.36 billion, increasing by VND4,800 billion in revenue.

Taxable export turnover of some main items saw a year-on-year rise, such as crude oil rose 28.9% to US$2.08 billion, increasing the revenue by VND448 billion; coal of all kinds rose 66.5% to US$369.93 million, increasing the revenue by VND 346 billion; fertilizers of all kinds rose 670.9% to US$ 509 million, increasing the revenue by VND 509 billion.

To achieve the above results, the Customs sector has implemented many solutions such as promoting reform of administrative procedures, trade facilitation solutions, supporting enterprises to restore production and business after the pandemic while ensuring the state management of customs; offering solutions and measures on budget revenue and anti-tax fraud and loss; and improving the efficiency of anti-smuggling work.