Tuesday, July 16, 2019 11:14:21 PM - Markets open
VN-INDEX 982.11 +9.58/+0.99%
HNX-INDEX 105.85 +0.23/+0.22%
UPCOM-INDEX 57.30 +0.75/+1.33%
Customs red tape costs Vietnamese traders $10 billion a year: expert
Source: VNS - 8/14/2015 2:22:01 PM
 (0 ratings. You must sign in to rate.)
Vietnam can help traders save US$10 billion every year by simplifying its customs procedures, which are now very time-consuming and complicated, an expert from a think tank has said.

Nguyen Dinh Cung, head of the Central Institute for Economic Management, told an online conference on Tuesday that customs red tape means unnecessary high costs for businesses.

He cited a recent World Bank report as saying that the import procedures in Vietnam, including customs check and quality tests, requires an average of 21 days, compared to only four days in Singapore, eight in Malaysia and 13 in Thailand.

“When the cost increases, businesses lose a big chunk of their profits and their product becomes less competitive,” Cung said, as quoted by Tien Phong newspaper.

If the whole process can be reduced by 10 days, businesses can save up to $10 billion a year, according to his estimate.

Vietnam government has announced a plan to reduce the time for customs procedures to 14 days by the end of this year.

But Cung said government agencies are unlikely to reach that goal. He called Vietnam’s plan to cut its customs hours to match those of other ASEAN members “ambitious and unrealistic."

The government has listed nearly 300 regulations that its agencies have to review and amend to shorten customs procedures, but legal changes have been delayed.

“Some amendments should have taken only a week to make, but then it took officials a month. Those that should have taken one month were dragged on for several more,” Cung said.

He also criticized several agencies for adding even more rules that are not necessary.

Cung said for instance a new rule is demanding food importers to apply for a new certificate from the Ministry of Health, even after they have passed all quality tests.
Newer News
13/07 Japanese multi-sector group to expand operation in Vietnam
12/07 CPTPP boosts export opportunities in Japan
11/07 Việt Nam’s forestry sector targets US$11 billion in export
10/07 MoIT tightens supervision to avoid trade sanctions
05/07 Investment promotion conference held in London
04/07 Deputy PM requests control of CPI
03/07 CPTPP opens up opportunities for agricultural products
02/07 Dialogue spotlights EU-Vietnam free trade, investment protection pacts
01/07 More chances for stronger Vietnam-Canada investment ties
30/06 CPTPP gives Vietnamese firms a chance to invest in Canada
Older News
12/08 Fitch Ratings: EVFTA brings benefits for VN
12/08 Rice exports hit US$1.4 billion
12/08 Nearly 1 in 3 companies in Vietnam bribe tax officials: survey
11/08 Decree to guide enterprise law expected this month
11/08 Businesses in the dark on Trans Pacific Partnership
11/08 Consultants predict more investments next year
11/08 Vietnam faces challenges for ODA loans
10/08 Shrimp exports to US likely to increase in last months of 2015
10/08 Vietnamese firms invest in 47 new projects abroad
10/08 Government mulls oversight of shipping fees on rip-off by foreign freight firms
Newsletter Signup
Top Stories
Credit institutions warned about P2P lending
CPTPP boosts export opportunities in Japan
Deutsche Bank's restructuring not expected to harm VN market
VN to boost professional real estate brokers
Việt Nam's insurance industry keeps thriving in H1 2019
Market Update
Last updated at 3:07:37 PM
VN-INDEX 982.11 +9.58/+0.99%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.