Topic: General Department of Customs

Digital transformation expected to facilitate customs clearance.

Figures from the General Department of Vietnam Customs show that bilateral trade between Vietnam and the US had reached $96.32 billion this year as of the end of September. At this rate, trade between the two countries will surpass the $100-billion mark for the second year in succession by the end of this month. The US is Vietnam’s largest export market, accounting for 28.6 per cent of export turnover.

Figures from the General Department of Vietnam Customs show that coffee exports brought in $2.8 billion in the first eight months of 2022, up 40 per cent over the same period of 2021. The Vietnam Coffee and Cocoa Association (VICOFA) has forecast that if the export price stays at the same high level as in the first half of the year, exports will hit a record $4 billion for the year as a whole. As one of 13 key agricultural products in Vietnam, coffee contributes 3 per cent of GDP.

The General Department of Vietnam Customs cooperated with the United States Agency for International Development (USAID) to organize a conference on September 16 on implementing a pilot program to support and encourage businesses to voluntarily comply with customs laws. According to Vietnam Customs, of the 190,000 enterprises conducting trade activities, only 10 per cent comply at the medium and high levels, while some 89 per cent are at the low or non-compliant level.

The General Department of Vietnam Customs has established a group of specialized officers to help businesses avoid violations and improve compliance with customs laws. The pilot program has been implemented at 266 businesses. The customs sector hopes that after two years, all enterprises within the program will be fully compliant with customs laws.

Figures from the General Department of Vietnam Customs show that export turnover from Vietnam to members of the CPTPP (the Comprehensive and Progressive Agreement for Trans-Pacific Partnership) in the first seven months of 2022 stood at $31.47 billion, an increase of 21.43 per cent year-on-year and accounting for 14.48 per cent of Vietnam’s total export turnover. It is forecast that Canada, Australia, Malaysia, and Brunei will join Japan as markets of potential for Vietnam.

Data from the General Department of Vietnam Customs shows that iron and steel exports posted the highest growth in the second half of July, rising 62.8 per cent. Such exports fell in the first half of the month, by 44 per cent compared to the second half of June.

Figures from the General Department of Customs show that exports reached $14.29 billion in the first half of July, down 19.5 per cent compared to the first half of June, while imports were $16.3 billion, up 4.5 per cent. Vietnam therefore posted a trade deficit of more than $2 billion in the period and $1 billion since the beginning of the year.

According to the General Department of Customs, coffee export turnover in the first half of the year reached $2.3 billion, a 48.5 per cent increase year-on-year. However, as inflation has hit many countries around the world and international currencies have been weakened, coffee prices have fallen since the beginning of July, signaling that export turnover in the second half of the year will likely decline.

Data from the General Department of Customs shows that, in the first half of June, 2022, trade turnover reached $31.64 billion, down 10 per cent compared to the second half of May but up 16.7 per cent year-on-year. Total trade turnover of FDI enterprises rose 16 per cent and the domestic sector 18.5 per cent. Trade was in deficit to the tune of $1.42 billion.