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Exports

Vietnam's Import-Export Activities Reach Record High

Strategic Insights

— 2 min read

Vietnam's state budget revenue from import-export activities continues to drive economic growth, reaching a record high of VND 261.37 trillion (approximately $9.97 billion) in the first seven months of the year. This represents an increase of 9.1 percent year-on-year and accounts for 63.6 percent of the annual estimate. The country's total import-export turnover has also seen significant growth, with a year-on-year increase of 16.3 percent to reach $514.72 billion.

Key Takeaways:

  • The Department of Customs reported that import-export activities generated VND 261.37 trillion (approximately $9.97 billion) in revenue in the first seven months of the year, exceeding the 63.6 percent annual estimate.
  • The country's total import-export turnover reached $514.72 billion, a 16.3 percent increase year-on-year.
  • Export activities accounted for $262.46 billion, up 14.8 percent compared to the same period last year, while imports stood at $252.26 billion, up 17.9 percent.
  • The country recorded a trade surplus of $10.20 billion, down 30.3 percent from the surplus of $14.64 billion recorded in the same period last year.
  • Smuggling and illegal cross-border transport of goods remain a significant concern, with 10,351 cases detected and dealt with by customs authorities in the first seven months of the year.
  • The majority of smuggling cases were detected along the maritime route, with 50.2 percent of total seizures, followed by land routes, which accounted for 37 percent of total incidents.
  • Customs authorities detected and dealt with 10,351 cases involving goods valued at an estimated VND 15.1 trillion from January to July, with 10 cases prosecuted directly by customs authorities and 68 other cases transferred to other agencies for prosecution.

Statistics:

  • Record-high revenue from import-export activities: VND 261.37 trillion (approximately $9.97 billion)
  • Year-on-year increase in revenue: 9.1 percent
  • Total import-export turnover: $514.72 billion
  • Import-export turnover growth: 16.3 percent year-on-year
  • Exports: $262.46 billion (up 14.8 percent year-on-year)
  • Imports: $252.26 billion (up 17.9 percent year-on-year)
  • Trade surplus: $10.20 billion (down 30.3 percent from the same period last year)
  • Smuggling cases detected: 10,351
  • Maritime route smuggling cases: 899 (50.2 percent of total seizures)
  • Land route smuggling cases: 669 (37 percent of total incidents)
  • Estimated value of goods involved in smuggling cases: VND 15.1 trillion

Sources:

  • Department of Customs, "Import-Export Activities in the First Seven Months of the Year"
  • Vietnam Customs Portal, "Smuggling and Counterfeit Goods Remain Complex"

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