Thailand
Vietnam: New regulations drafted to support export, import firms
The Hanoitimes – The Ministry of Industry and Trade will simplify many administrative procedures to offer maximum support for exports and import firms next time.
According to a draft decree on guiding the implementation of the Law on Foreign Trade Management, which was approved by the National Assembly last year, the time for checking records for all administrative procedures will reduce from the current five working days to three days. The same cut will be also applied for the license of CFS (certificate of free sale) for export goods.
Specifically, the draft also removes the current regulation that requires approval from relevant ministries for licensing temporarily imports for re-exports some goods for measuring purposes or displaying at fairs and exhibitions.
The ministry last year decided to remove 675 out of 1,216 business and investment conditions under its management. The cut, which accounted for 55.5 percent of the total current business conditions, was the highest-ever record in the ministry’s history.
After scrutinizing 27 fields and sectors under its management (excluding car manufacture and import), the MoIT has decided to ease conditions for doing business and making investment in 17 fields and sectors, such as petrol and oil; gas; explosive precursors; liquor; cigarette; food; electricity; temporary import for re-export of frozen food; commercial franchise; logistics; industrial precursors; goods exchanges; commercial assessment; multi-level marketing and e-commerce.
According to MoIT Minister Tran Tuan Anh, the streamlining of business conditions will be the core of the ministry’s administrative reform process in the coming time, aiming to improve the legal system as well as investment and business environment.
Vietnam has climbed nine positions to 82 from 91 on the World Bank’s Doing Business 2017 ranking and moved 15 spots up to 93 from 108 for improved border-trade indicators related to import-export operations.
The reform is a major step towards Vietnam’s goal of being one of the top four simplest places for doing business in ASEAN in 2020.
It has been also aimed to further boost the country’s trade, which has increased four times to reach a milestone of US$400 billion, or 170 per cent of the gross domestic product (GDP), after 10 years of membership in the World Trade Organization (WTO) by December 12 last year, according to the General Department of Customs.
The National Assembly has so far adopted a socioeconomic development plan for 2018, in which the country’s export value is expected to increase by 7-8 per cent and trade deficit is to be maintained at 3 per cent of total export revenue.
The ministry last year decided to remove 675 out of 1,216 business and investment conditions under its management. The cut, which accounted for 55.5 percent of the total current business conditions, was the highest-ever record in the ministry’s history.
After scrutinizing 27 fields and sectors under its management (excluding car manufacture and import), the MoIT has decided to ease conditions for doing business and making investment in 17 fields and sectors, such as petrol and oil; gas; explosive precursors; liquor; cigarette; food; electricity; temporary import for re-export of frozen food; commercial franchise; logistics; industrial precursors; goods exchanges; commercial assessment; multi-level marketing and e-commerce.
According to MoIT Minister Tran Tuan Anh, the streamlining of business conditions will be the core of the ministry’s administrative reform process in the coming time, aiming to improve the legal system as well as investment and business environment.
Vietnam has climbed nine positions to 82 from 91 on the World Bank’s Doing Business 2017 ranking and moved 15 spots up to 93 from 108 for improved border-trade indicators related to import-export operations.
The reform is a major step towards Vietnam’s goal of being one of the top four simplest places for doing business in ASEAN in 2020.
It has been also aimed to further boost the country’s trade, which has increased four times to reach a milestone of US$400 billion, or 170 per cent of the gross domestic product (GDP), after 10 years of membership in the World Trade Organization (WTO) by December 12 last year, according to the General Department of Customs.
The National Assembly has so far adopted a socioeconomic development plan for 2018, in which the country’s export value is expected to increase by 7-8 per cent and trade deficit is to be maintained at 3 per cent of total export revenue.
Source: http://hanoitimes.com.vn/economy/2018/01/81E0C036/new-regulations-drafted-to-support-export-import-firms/