WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Banking & Finance
Customs sector urged to further cut procedure time
11:57, 2015/08/12
The customs sector should build on the positive outcomes in the past two years and further reduce procedure processing time, an official told a workshop in Hanoi on August 11, adding that a one-day reduction in customs clearance time in cross-border trade could save the economy more than 1 billion USD per year.
According to the World Bank, Vietnam ranked 75th out of 189 economies in the cross-border trade index which reflects levels of facilitation for import-export activities via sea routes last year. Within the Association of Southeast Asian Nations (ASEAN), Vietnam was placed only higher than Laos (156th), Cambodia (124th) and Myanmar (103rd). 
Nguyen Dinh Cung, Director of the Central Institute for Economic Management (CIEM), called on the customs sector to provide all possible support for businesses, given only one-hour delays in administrative procedures could result in merchandise sitting at ports for additional days. 
Under the second Resolution issued by the government in March, the two goals set for 2015-2016 include improving the business climate and simplifying administrative procedures. 

 
Photo for illustration
Photo for illustration
It also set the target that Vietnam achieves the ASEAN-6 and ASEAN-4 averages in improving the business environment by 2015 and 2016, respectively. 
Cung said the goals are feasible if drastic actions are undertaken. 
Counter to his view, Vice President of the Vietnam Association of Small and Medium Enterprises Nguyen Van Than said the goal of achieving the ASEAN-4 level by 2016 is overly ambitious. 
Vu Ngoc Anh, Deputy Director General of the General Department of Vietnam Customs, said the sector has streamlined procedures and coordinate with ministries and agencies in adjusting regulations in order to connect with the e-customs portal. 
He also called for more drastic action and closer coordination among ministries and sectors along the way up to meeting ASEAN-4 standards. 
The workshop was hosted by the Government Portal.
Other news
16:48, 2025/02/27
Local banks cut interest rates in response to PM’s request
The rate cuts come in response to the Prime Minister’s directive to inspect and review banks that have recently increased deposit rates.
15:51, 2025/02/24
Vietnam set to have digital banks within financial centers
Credit institutions headquartered in these financial centers will not be bound by restrictions on to foreign ownership or foreign investment conditions when providing services there or across borders.
14:30, 2025/02/15
Hanoi expands cashless parking pilot program
Hanoi is advancing its efforts to integrate technology into urban management by expanding the pilot program for cashless parking payments throughout the city.
16:58, 2025/02/11
Prime Minister urges banks to prioritize economic support over profits
One of the key priorities for the banking sector is to support small and medium-sized enterprises (SMEs), as they generate a large number of jobs and contribute significantly to the economy.
17:23, 2025/02/07
Vietnamese Gov’t forecasts CPI growth of up to 4.5% in 2025
With the goal of at least 8% GDP growth, the money supply in the economy will be significantly larger than in 2024. This will have an impact on price indices, particularly consumer prices.
17:51, 2025/01/07
Vietnam prioritizes agriculture and renewable energy for access to green loans
The move is part of the government’s effort to accelerate economic restructuring and build resilience to climate change while protecting the environment.