Ways sought to reduce import-export costs

ABO/NDO– A seminar was held by Customs E-Magazine in Ho Chi Minh City on April 6 to discuss synchronous solutions to cut input and commercialisation costs, thus reducing import-export spending.

Speaking at the event, Vu Thi Anh Hong, Editor-in-Chief of Customs E-Magazine, said Vietnam currently has trade partnerships with over 200 countries and territories. Seventeen free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam FTA, have created opportunities to boost the nation’s import-export activities.

A garment factory in Vietnam (Photo: VNA).

The COVID-19 pandemic, Russia-Ukraine tensions and oil price surges have caused a rise in transportation and logistics costs, leading to an increase in spending for import and export activities.

Increased costs have also reduced the competitiveness of Vietnamese goods.
To cut costs for businesses, Chairman of Imex Pan Pacific Group (IPPG) Johnathan Hanh Nguyen proposed simplifying customs procedures, and developing e-data sharing systems between enterprises, customs offices and relevant agencies.

A representative from the General Department of Vietnam Customs said the agency will continue stepping up administrative reform to reduce customs clearance times and redesign the sector’s IT system towards the development of e-customs and smart customs.

(Source: NDO)