12:17 (GMT +7) - Sunday 24/09/2017

Vietnam Today

Trade portal to ease doing business goes live

Released at: 17:06, 12/07/2017

Trade portal to ease doing business goes live

Photo: Minh Duc

Finance Ministry and World Bank introduce Vietnam Trade Information Portal.

by Doanh Doanh

The Ministry of Finance and the World Bank have launched a trade portal to improve the ease of doing business.

The Vietnam Trade Information Portal (VTIP), at http://vietnamtradeportal.com/, is expected to help improve the predictability and transparency of the country’s trade laws and processes, giving foreign and domestic investors quick access to its trade rules.

Deputy Prime Minister Vuong Dinh Hue, Minister of Finance Dinh Tien Dung, World Bank Acting Country Director Sebastian Eckardt, and Director General of Vietnam Customs Nguyen Van Can jointly pushed a button to formally make the VTIP go live.

“With the official launch and operation of the Vietnam Trade Information Portal, we hope that the business community and other stakeholders will be provided with a useful tool and be able to find sufficient and necessary information for the facilitation of import-export activities,” said Minister Dung. “The Ministry of Finance, as the leading agency in the implementation of the WTO Trade Facilitation Agreement, has committed to close coordination with government agencies, the private sector, and international organizations to ensure efficient cooperation and information sharing for the sustainability of the VTIP and contribute to the realization of Vietnam’s international commitments to transparency.”

The initiative is the latest government effort to increase access to information and comply with the WTO Trade Facilitation Agreement. The website will include existing trade regulations and procedures such as laws, administrative procedures, guidance notes, forms, licenses, permits, and applicable fees, in both Vietnamese and English. 

“Trade is an important engine of growth for Vietnam and having fast and easy access to information on import and export procedures is crucial for traders and investors,” said Mr. Eckardt. “The VTIP now provides a one-stop access point where users can find information from more than a dozen ministries and State agencies that are involved in trade procedures. The portal is an essential piece of a larger, ongoing effort by the government to enhance trade facilitation and the World Bank stands ready to continue to provide support to these important efforts.”

Having a single portal containing all trade regulations and procedures will save businesses time and operational costs, especially for small and medium-sized enterprises interested or involved in the import, export, and transit sectors.

Other features of the VTIP include an overview of Vietnam’s economy, business startup processes, import and export guides, customs terminology, information on special economic areas, export processing zones, cross-border trade, and GSP automation, international, regional, and bilateral trade agreements to which Vietnam is a party, including applicable rules and requirements as well as associated benefits, a selection of websites of international organizations or institutions that can provide further support to overseas expansion by enterprises, and tools allowing exporters to perform trade potential analyses, desk research, and market surveys.

The portal is also expected to improve trade regulations, as legislators are now able to easily identify the complexity of current regulations and procedures when applied to commodities and to suggest areas of modernization and simplification while easily monitoring the progress of such processes.

Vietnam climbed nine spots to 82 from 91 in the World Bank’s Doing Business 2017 rankings and moved 15 spots to 93 from 108 in improved border-trade indicators relating to import-export operations. VTIP is a major step towards Vietnam’s goal of being one of the Top 4 easiest places to do business in ASEAN by 2020.

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