Hanoi to reform customs, taxes in bid to boost trade

The capital city aimed to achieve an export growth of 7.5% to reach a turnover of US$12.2 billion this year, seeing not only great opportunities but also challenges arising from free trade agreements (FTAs).

According to the municipal People's Committee, the formation of the ASEAN Economic Community and the participation of Vietnam in new-generation FTAs were opening the doors for the city to boost exports, given the elimination of many tariff lines.

In addition, the application of the amended enterprise and investment laws would also power local production and business.

However, the increasing trend of protecting local production and high quality requirements of import markets as well as the competition from other exporters, especially countries which devaluated their currencies were among major challenges.

Addressing those challenges, the capital city was developing a project to boost exports in the 2016 to 2020 period with a vision to 2025.

The city said that focus would also be placed on developing the infrastructure, including major industrial zones, high-technology industrial zones and building a supply chain of high-quality agricultural products, coupled with the implementation of trade promotion.

Supervision would be tightened to ensure quality and hygiene of export products.

Hanoi urged local firms to enhance product quality, apply high technology and build the brand to improve competitiveness amid rapid integration.

Major export products of the city were garments and textiles, footwear and leather products, electronic components and glass products.