Vietnam Boosts Revenue Through Streamlined Customs Procedures

Vietnam is accelerating efforts to streamline customs procedures and boost state revenue. The estimated introduction of a 10% value-added tax (VAT) rate on low-value goods worth less than VND1 million (approximately USD105.6 million) could increase state budget revenue by around VND2.7 trillion (USD105.6 million). According to the General Department of Vietnam Customs, the country's total import-export turnover reached USD745 billion as of December 14, marking a robust 15.3% growth compared to the same period in 2023. This indicates significant opportunities for Vietnam to deepen its integration into the global logistics supply chain, leveraging its extensive transportation network across regions. Domestically, Noi Bai International Airport has introduced biometric check-in kiosks to improve service quality and ease congestion during peak hours. Agro-forestry-fishery exports reached an estimated USD35.88 billion in the first half of 2026, up 6% year-on-year. Co To Special Zone in Quang Ninh province, with its rich coastal advantages, is capitalizing on its location to generate higher economic value and improve local livelihoods and incomes. Party General Secretary and State President To Lam urged Son La province to develop into the Northwest's center for ecological agriculture, agro-processing, and distinctive tourism, while maintaining environmental sustainability and social welfare. He also called for stronger public participation in safeguarding national security and social order, stressing that every citizen should help build safe, peaceful, and resilient communities. Furthermore, Vietnam aims to achieve high-income status by 2045 not only through traditional growth drivers like low-cost labor and foreign investment but also by shifting towards higher productivity, innovation, and stronger domestic enterprises capable of creating greater value-added. The World Bank has indicated that this transition requires the enhancement of domestic corporate capabilities. Information Source: VietnamPlus English