Vietnam’s trade surplus reaches nearly VND 125 trillion in four months
According to the General Department of Vietnam Customs on May 7, 2024, exports in April 2024 are estimated at $30.94 billion, a decrease of 8.1% (equivalent to a decrease of $2.72 billion) compared to the previous month. Meanwhile, imports in April 2024 are estimated at $30.26 billion, a decrease of 2% (equivalent to a decrease of $0.62 billion) compared to the previous month.
Total import and export turnover in the first four months of 2024 is estimated at $238.88 billion.
Total import and export turnover in April 2024 is estimated at $61.20 billion, a decrease of 5.2% (equivalent to a decrease of $3.34 billion) compared to the previous month. Thus, the trade balance in April 2024 is estimated to have a surplus of $680 million.
Cumulative exports in the first four months of 2024 are estimated at $123.64 billion, up 15% (equivalent to an increase of $16.12 billion) compared to the same period last year. Meanwhile, imports in the first four months of 2024 are estimated at $115.24 billion, up 15.4% (equivalent to an increase of $15.37 billion) compared to the same period last year.
Total import and export turnover in the first four months of 2024 is estimated at $238.88 billion, up 15.2% (equivalent to an increase of $31.49 billion) compared to the same period last year. Thus, the trade balance in the first four months of 2024 is expected to have a surplus of $8.4 billion.
State budget revenue from import and export activities from April 1 to 30, 2024 was VND 34,992 billion, up 4.5% compared to the previous month. Accumulated in the first four months of 2024, from January 1 to April 30, 2024, state budget revenue from import and export activities reached VND 124,740 billion, equivalent to 33.3% of the assigned estimate, up 0.3% over the same period last year.
To facilitate people and businesses in the customs procedure in particular and import and export activities in general, up to now, 100% of basic customs procedures have been automated, 100% of Customs Departments and Customs Sub-Departments have implemented electronic customs procedures with the participation of 99.65% of enterprises.
The implementation of electronic customs procedures has brought about a breakthrough reform, comprehensively changing the method of customs declaration and submission from manual to electronic, and the response of the customs authority to enterprises is also done through the electronic system, greatly facilitating import and export activities, reducing documents, papers, and simplifying customs dossiers in the stages… The time for receiving and clearing green channel declarations takes only 1-3 seconds.
At the same time, the customs sector has supported and cooperated with associations and enterprises in providing information about policies and legal regulations related to customs procedures and import and export policies regularly and promptly; strengthening training and coaching for agents and customs declarants to improve professional qualifications, building trust and attracting import and export enterprises, and increasing competitiveness in the region.
In 2024, the General Department of Vietnam Customs was assigned a state budget revenue target of VND 375,000 billion by the National Assembly. The estimate is based on a GDP growth rate of 6-6.5% and an oil price of $70/barrel.
