Tuong goes on to emphasize that the customs sector has been active in simplifying administrative procedures and fine-tuning legal institutions to contribute to improving the nation’s business climate, enhancing the competitiveness of businesses as well as the wider economy.
It has deployed a number of major schemes aimed at supporting the business community, improving the cross-border trade transaction index, and boosting inspection in an effort to create favourable conditions for local enterprises, Tuong notes.
Nguyen Hai Minh, Vice President of European Chamber of Commerce in Vietnam (EuroCham), believes European financiers are currently keen on Vietnam thanks to several crucial factors in attracting investment. They include the upgrade of infrastructure, along with improvements to both the overall human resources quality and investment climate, especially the simplification of administrative procedures for customs services.
Minh states that the EuroCham has highly appreciated Vietnam’s administrative procedures reforms in recent years, particularly regarding the tax and customs sectors, which have been at the forefront of national reforms over the course of the previous five years.
Most notably, customs clearance times have been significantly reduced, therefore allowing firms to save a lot of time when applying for customs services.
According to Minh, the EuroCham has deployed numerous activities in collaboration with the General Department of Vietnam Customs, such as organising seminars, training, and dialogues with customs leaders, thereby removing hurdles that exist for enterprises.
A study carried out by the Ministry of Planning and Investment shows the EVFTA is anticipated to increase the country’s exports to the EU by about 20% during the remainder of the year, and the figure is expected to continue to see an increase of 42.7% by 2025 and 44.37% by 2030.
The trade deal is therefore poised to increase Vietnamese GDP at an average of 2.18% to 3.25% in the 2019 to 2023 period, between 4.5% and 5.3% in the 2024 to 2028 period, and between 7.07% to 7.72% in the 2029 to 2033 period.