February 24, 2020 03:56

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Plans to improve the Cross-border Trade Transaction index

10:58 | 08/06/2019

VCN- The Minister of Finance has issued Decision 876/QD-BTC promulgating the plan to improve Vietnam’s Cross-border trade transaction index in the period 2019-2021.

planning to improve the cross border trade transaction index Establish an interagency working group to measure the Cross-Border Trade Transaction Index
planning to improve the cross border trade transaction index Cross-border trade transaction index: Time and cost are shortened
planning to improve the cross border trade transaction index
Goods containers at Da Nang Port. Photo: N.L

By 2020, it targets to raise the cross-border trade transaction index by 10-15 places compared to 2018.

In order to achieve this goal, the Ministry of Finance will chair and coordinate with relevant ministries and sectors in deploying tasks such as improving operational efficiency of Customs authorities; continue to implement comprehensive reforms of management, specialised inspection and connection to the National Single Window Portal; enhance quality and reduce time and cost of loading and unloading and circulating of goods in warehouses, yards and ports; improve quality and reduce time and costs of transportation; promote activities to support the implementation of import and export procedures.

The Decision also assigns specific tasks to the Ministry of Finance, as well as the tasks that the Ministry of Finance proposes relevant ministries and agencies to implement.

According to the World Bank's assessment of the cross-border transaction index in the report "Prioritizing reforms to reduce trade costs and enhance Vietnam's competitiveness", the time under Customs authorities accounts for only 11% for imported goods and 4% 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% for imported goods and 50% for export goods.

The time under the specialised inspection agencies is very remarkable. 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% for imported goods and 46% for exported goods.

Costs related to Customs inspection and customs brokerage feesonly account for 11% for imported goods and 10% for exported goods in the total cost of cross-border import and export; costs for of loading, unloading and storage at ports and logisticsaccount for 64% for imported goods, 63% for export goods; costs for implementing specialised inspection procedures and quality inspection account for 25% for imported goods, 27% for export goods.

Therefore, to achieve this target, according to the Ministry of Finance, there is a need for active participation and efforts of relevant agencies, including: the Ministry of Finance (Customs authority); specialised management and inspection agencies; People's Committees of provinces and cities; import-export businesses, port and yard operators, transport and logistics enterprises.

By Ngoc Linh/Ngoc Loan