July 13, 2020 23:53

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Electronic certificates of origin save businesses US$5.7 million

18:26 | 23/06/2020

Since the country moved to apply the ASEAN Single Window mechanism, especially the exchange of electronic certificate of origin (C/O) form D from 2018 to the present, it has been able to save approximately US$5.7 million in transaction costs for local businesses, according figures released by the General Department of Vietnam Customs.

electronic certificates of origin save businesses us 57 million
The latest information has been released by the General Department of Vietnam Customs.

Through making connections with the ASEAN Single Window, the nation has been able to exchange electronic C/O form D with nine other ASEAN member states, including Singapore, Malaysia, Indonesia, Thailand, Brunei, Cambodia, Myanmar, Laos, and the Philippines.

As of June, the country has sent approximately 385,000 electronic C/O to other ASEAN members, therefore saving roughly US$15 in each application.

In addition, the nation has also been increasing the implementation of the National Single Window system. A total of 13 relevant ministries and agencies have so far connected to the system, with some 198 administrative procedures being digitalised through the National Single Window.

Since coming into use, more than 3.1 million applications from 38,700 businesses have been handled through the National Single Window system.

Source: VOV

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