VIETNAM BUSINESS NEWS SEPTEMBER 24

Customs clearance time for exports shortens The average duration for customs clearance for exports last year stood at 38.4 hours, a decline by 57.38 hours compared to 2019, according to a survey of an inter-sectoral working group. The cost for such procedures averaged 338 USD, falling 81.72 USD against 2019. Meanwhile, the time for imports was 54.8 hours, a drop of 48.88 hours. Total cost for the procedures hit 313.17 USD, plunging 256.41 USD. Document digitalisation is among important reasons that help businesses save time and costs for customs clearance for cross-border trade. The deployment of the Vietnam Automated System for Seaport Customs Management (VASSCM) also facilitates port-related activities. According to the General Department of Vietnam Customs, import and export documents in 2020 amounted to 6.75 million and 6.98 million, respectively. Trading across borders indicator set is part of the World Bank's annual Doing Business rankings since 2001. The set assesses the efficiency of trade processes related to control agencies, customs and border authorities, among others./. Banks slash US$386 million in interest rates in July-August Dao Minh Tu, deputy governor of the State Bank of Vietnam. Commercial banks have slashed more than VND8.8 trillion (US$386 million) in interest rates from… Read full this story

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