Burdensome customs requirements cost US$37 billion annually

The figure was unveiled in a report released by the US Agency for International Development (USAID).

Compared to international standards, the time to complete import procedures alone in Vietnam is 16 days longer than the average of the top ten countries, causing a commercial loss of US$19 billion.

Similarly, it takes nearly half of a month to complete all export procedures, pushing losses up past the US$17 billion mark.

A representative from the Central Institute for Economic Management (CIEM) said if proposed customs clearance changes are approved, it is estimated that Vietnam’s GDP would increase by 30%.