Logo of Phnom Penh Post newspaper Phnom Penh Post - VN to lift Cross-border Trade Transaction index

VN to lift Cross-border Trade Transaction index

Content image - Phnom Penh Post
Goods are unloaded at Hai Phong port in Hai Phong city. THOI BAO TAI CHINH VIET NAM/VIET NAM NEWS

VN to lift Cross-border Trade Transaction index

Vietnam plans to raise the cross-border trade transaction index by three to five places this year compared to last year.

By next year, it targets to raise the cross-border trade transaction index by 10-15 places compared to this year.

Minister of Finance Dinh Tien Dung issued Decision 876/QD-BTC, promulgating the plan to improve Vietnam’s cross-border trade transaction index in the period 2019-21.

To achieve the goal, the Ministry of Finance will chair and coordinate with relevant ministries and sectors in improving operational efficiency of customs authorities; continuing to implement comprehensive reforms of management, specialised inspections and connection to the National Single Window; enhancing quality and reducing time and cost of loading and unloading and circulating of goods in warehouses, yards and ports; improving quality and reduce time and costs of transportation; and promoting activities to support the implementation of import and export procedures.

According to the World Bank's assessment of the cross-border transaction index in the report "Prioritising reforms to reduce trade costs and enhance Vietnam's competitiveness", the time under customs authorities accounts for only 11 per cent for imported goods and four per cent for exported goods in the total time for cross-border import and export.

The time under the unloading, warehousing and logistics units accounts for 28 per cent for imported goods and 50 per cent for export goods.

The time for compliance with documents for specialised inspection – the time for preparing import and export dossiers – and the compliance time at border gates for agencies outside customs – the time for inspection and issuing inspection report – accounts for 61 per cent for imported goods and 46 per cent for exported goods.

Costs related to customs inspection and customs brokerage fees account for 11 per cent for imported goods and 10 per cent for exported goods in the total cost of cross-border trade; costs for loading, unloading and storage at ports and logistics account for 64 per cent for imported goods, 63 per cent for exported goods; costs for implementing specialised inspection procedures and quality inspection account for 25 per cent for imports, 27 per cent for exports.

Therefore, to achieve the target of raising the cross-border trade transaction index, according to the ministry, there is a need for active participation and concerted efforts of relevant agencies, including customs authorities, specialised management and inspection agencies, people's committees of provinces and cities, import-export businesses, port and yard operators, transport and logistics enterprises. VIET NAM NEWS/ASIA NEWS NETWORK

MOST VIEWED

  • ‘Life goes on’ if Cambodia loses Everything But Arms

    Cambodia's business sector is exploring ways to mitigate any fallout from a possible loss of access to the EU’s Everything But Arms (EBA) agreement as talks continue before the 28-member bloc makes a final decision. The EU monitoring process is set to conclude in

  • Nesat beach: A magnet drawing tourists to the Kingdom’s coastline

    A white sandy beach lined by countless coconut trees awaits travellers off Cambodia’s southwest coast in Koh Kong province’s Srae Ambel district, about 170km from Phnom Penh. Over the past few years Nesat beach – a name inspired by a nearby fishing village – has

  • PM: Workers must train for Industry 4.0

    Prime Minister Hun Sen has urged the Kingdom’s workforce to seek more technical training and strengthen their skills if they are to avoid job losses resulting from the Fourth Industrial Revolution. Hun Sen said the fourth industrial revolution is like a double-edged sword that

  • Huawei applies for OS trademark in Cambodia

    China's Huawei Technologies Co has applied to trademark the “Hongmeng” operating system (OS) in a number of countries including Cambodia in a bid to launch its homegrown operating system as a replacement for the Android OS, Reuters has reported. Huawei has applied to trademark the “