One day cut on customs procedures saves US$1.6 billion

If the time on export import procedures reduces one day, businesses will be able to save US$1.6 billion, according to calculations by the United States Agency for International Development's Governance for Inclusive Growth Project (USAID GIG).

It was announced at a seminar on implementation of the Government’s Resolution 19 on export and import procedure simplification, hosted by the HCMC Investment and Trade Promotion Center, the Central Institute for Economic Management and the USAID GIG on September 25.

The resolution issued in March aims to improve business environment, and simplify export import procedures by cutting the time on customs clearance to 14 days. 

According to the Mr. Pham Quang Vinh, an expert from the project, it now takes 21 days to do customs clearance for a cargo container and only 13-14 days in the ASEAN 6.

Surveys show that up to 60-80 percent of export and import commodity lists must come under specialized examination in Vietnam. Regulations of relevant agencies are overlapped and inconsistent causing difficulties and waste for businesses.

By Thuy Hai – Translated by Hai Mien

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