Hanoi (VNS/VNA) - Vietnam plans toraise the cross-border trade transaction index by 3-5 places this year comparedto 2018.

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

Minister of Finance Dinh Tien Dung issuedDecision 876/QD-BTC, promulgating the plan to improve Vietnam’s cross-bordertrade transaction index in the period 2019-2021.

In order to achieve this goal, the Ministry ofFinance will chair and coordinate with relevant ministries and sectors inimproving operational efficiency of customs authorities; continuing toimplement comprehensive reforms of management, specialised inspections andconnection to the National Single Window; enhancing quality andreducing time and cost of loading and unloading and circulating of goodsin warehouses, yards and ports; improving quality and reduce time andcosts of transportation; and promoting activities to support theimplementation of import and export procedures.

According to the World Bank's assessment of thecross-border transaction index in the report "Prioritising reforms toreduce trade costs and enhance Vietnam's competitiveness", the time undercustoms authorities accounts for only 11 percent for imported goods and 4 percentfor exported goods in the total time for cross-border import and export.

The time under the unloading, warehousing andlogistics units accounts for 28 percent for imported goods and 50 percent forexport goods.

Time for compliance with documents forspecialised inspection (time for preparing import and export dossiers) andcompliance time at border gates for agencies outside customs (time forinspection and issuing inspection report) accounts for 61 percent for importedgoods and 46 percent for exported goods.

Costs related to customs inspection and customsbrokerage fees account for 11 percent for imported goods and 10 percent forexported goods in the total cost of cross-border trade; costs for loading,unloading and storage at ports and logistics account for 64 percent forimported goods, 63 percent for exported goods; costs for implementingspecialised inspection procedures and quality inspection account for 25 percentfor imports, 27 percent for exports.

Therefore, to achieve the target of raising thecross-border trade transaction index, according to the Ministry of Finance,there is a need for active participation and concerted efforts of relevantagencies, including customs authorities, specialised management and inspectionagencies, people's committees of provinces and cities, import-exportbusinesses, port and yard operators, transport and logistics enterprises.–VNS/VNA