Capturing a Whopping $300,000 Billion from Trade in Just 8 Months

On September 5th, the Customs Department announced that in August, Vietnam’s export turnover is estimated at $43.4 billion, a 2.6% increase from the previous month, while imports reached $39.6 billion, a 0.8% decrease. This resulted in a monthly revenue collection of VND 35,500 billion from foreign trade activities, a 10.2% decline compared to July.

Accumulated until the end of August, the total import and export turnover of the country reached nearly $598 billion, a 16.3% increase compared to the same period last year. Accordingly, the revenue collection from import and export activities reached over VND 298,300 billion, equivalent to 72.6% of the yearly estimate and an 8.4% increase compared to 2024. This indicates a vibrant flow of trade, contributing significantly to the state budget.

According to the Customs Department, the main reason for this positive development is the strong growth in import and export turnover, especially in the import of raw materials, machinery, equipment, and consumer goods with high tax rates. These groups of goods are essential in generating import tax and value-added tax in the import stage. Additionally, the increase in the value of imported gasoline, whole car imports, and some other high-value commodities compared to the same period last year has also contributed significantly to the state budget.

In August, revenue collection exceeded VND 35,500 billion, a decrease of over 10% compared to the previous month. The Customs Authority explained that this decline was due to seasonal factors and a decrease in imports of key commodities. However, overall, the eight-month revenue collection progress remains on track to meet the target.

Along with the revenue collection results, the Customs Department also reported that since the beginning of the year, the customs forces nationwide have detected and handled nearly 12,000 cases of violations, with an estimated value of goods of over VND 16,000 billion.

Sea and road routes continue to account for a large proportion of these violations, ranging from tobacco, alcohol, foreign currency, electronics, frozen food, fireworks, white sugar, and more. Perpetrators often take advantage of relaxed procedures and preferential policies for border residents or hire international transportation services to smuggle prohibited and commercially fraudulent goods.

In August, the number of violations slightly decreased compared to the same period last year, but the methods became more sophisticated, especially at major seaports and international airports. Offenders used fake documents, virtual addresses, or even hired people to receive goods on their behalf to avoid traceability. The Customs Authority directly prosecuted 14 cases and transferred 76 others to competent authorities for further investigation and handling.