Customs sector fails to meet yearly tax collection target
The customs sector collected 261.49 trillion VND (12 billion USD) for the State budget this year to December 25, equal to just 96.82 percent of the year target.
Hanoi (VNA) – The customs sector collected 261.49 trillion VND (12 billion USD) forthe State budget this year to December 25, equal to 96.82 percent of the yeartarget, according to the General Department of Vietnam Customs.
The departmentsaid the falling crude oil price is one of reasons behind the reduced taxrevenues, as the yearly plan was based on the assumption that oil price was 60USD per barrel.
Besides, theenforcement of several free trade agreements brought down the tax rates onpetrol imports from ASEAN and the Republic of Korea, cutting into taxcollection.
Lower-than-expectedeconomic and export growth rates are other causes.
As more taxeswill be reduced to zero in 2017 and the years after, revenues fromimport-export tariffs and special consumption taxes are expected to dropfurther, prompting the sector to look to other sources such as environmenttaxes and value added tax (VAT).
Le Manh Hung, deputyhead of the department’s Import-Export Tax Department, said the VAT rates,which stand at 5 and 10 percent at the moment, are relatively low in comparisonwith that in other countries in the region.
He pointed tothe need to change the structure of tax collection sources in order to ensurerevenues for the State budget.
The customssector’s revenue mainly comes from import-export tax, special consumption tax,environmental protection tax and VAT.
The sector wasassigned to collect 270 trillion VND for the State budget in 2016, with 91trillion VND to come from import-export tax, special consumption tax andenvironmental protection tax, and 179 trillion VND from VAT.-VNA
Tax collected from the mining of natural resources, excluding crude oil, accounted for between 0.9 – 1.1 percent of the total state tax collections in the 2011-2013.
The General Department of Taxation under the Ministry of Finance has worked hard to simplify tax-related administrative procedures to facilitate businesses’ tax payments, said the agency.
The General Department of Taxation is hastening the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favourable conditions for businesses.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
Illustrative image (Source: VNA) 
