Wednesday, June 26, 2019 4:36:48 AM - Markets open
VN-INDEX 960.13 -2.72/-0.28%
HNX-INDEX 104.15 -0.63/-0.60%
UPCOM-INDEX 55.20 +0.05/+0.09%
Vietnam to lift cross-border trade transaction index
VietNamPlus - 6/10/2019 1:24:34 PM
 (0 ratings. You must sign in to rate.)
Vietnam plans to raise the cross-border trade transaction index by 3-5 places this year compared to 2018.
 
By 2020, it targets to raise the cross-border trade transaction index by 10-15 places compared to 2018.
 
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 2019-2021.
 
In order to achieve this 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 percent for imported goods and 4 percent 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 percent for imported goods and 50 percent for export goods.
 
Time for compliance with documents for specialised inspection (time for preparing import and export dossiers) and compliance time at border gates for agencies outside customs (time for inspection and issuing inspection report) accounts for 61 percent for imported goods and 46 percent for exported goods.
 
Costs related to customs inspection and customs brokerage fees account for 11 percent for imported goods and 10 percent for exported goods in the total cost of cross-border trade; costs for loading, unloading and storage at ports and logistics account for 64 percent for imported goods, 63 percent for exported goods; costs for implementing specialised inspection procedures and quality inspection account for 25 percent for imports, 27 percent for exports.
 
Therefore, to achieve the target of raising the cross-border trade transaction index, according to the Ministry of Finance, 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.–VNS/VNA
 
Read original article here
Newer News
24/06 Vietnam, EU partnership prospects bright: German experts
23/06 VN exports should target West Asia: conference
21/06 Deputy PM updates RoK investors on Vietnam’s policies
19/06 Vietnam’s rubber exports drop in May
18/06 Philippine company eyes investment in Vietnam’s tea industry
17/06 Growing Chinese investment in Việt Nam: time to worry?
16/06 Denim production needs green growth
14/06 Vietnam, China step up cooperation in trade, agriculture, logistics
13/06 Large FDI inflows to make Việt Nam among APAC's fastest growing economies
13/06 Building material prices on the rise
Older News
07/06 100 Vietnamese firms to list products on Amazon
06/06 New Zealand helps Việt Nam add value to its dragon fruit
05/06 Experts of Vietnam, Russia discuss cooperation in economic globalisation
05/06 VN hopes to enter MSCI watchlist this year, but experts are uncertain
04/06 MoIT imposes temporary anti-dumping duties on Chinese products
03/06 Economic, trade promotion seminars held in Italian cities
02/06 Rising consumption to help dairy industry maintain good growth
01/06 More supply chains to shift to Việt Nam, ASEAN
31/05 National index of industrial production up 9.4 pct in five months
31/05 Vietnam, Japan agree to expand economic bond
 
Newsletter Signup
Top Stories
Fed future plan on rate cuts lift VN stocks
Reference exchange rate up by 5 VND on June 18
Government to crack down on trade fraud
Reference exchange rate adjusted up by 8 VND on June 6
VAMC to reclaim US$2.13 billion in bad debts
Market Update
Last updated at 3:09:44 PM
VN-INDEX 960.13 -2.72/-0.28%
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...
Portfolio
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.