Cutting-edge trade portal opens
Cutting-edge trade portal opens
The Vietnam Trade Information Portal (VTIP) was officially launched on Wednesday by the General Department of Vietnam Customs (GDVC) with the help of the World Bank (WB), in order to provide the business community with a reliable one window information source on relevant legal regulations and categorisation for both export and import purposes.
“With the introduction and implementation of the VTIP, we hope to enable entrepreneurs to seek necessary information and better business opportunities. The Vietnamese government will work closely with the WTO and all economic sectors to utilise the portal in future,” said Minister of Finance Dinh Tien Dung during his speech at the launch ceremony.
The latest effort by the government to increase information access for businesses and meet the requirements of the World Trade Organisation (WTO)’s Trade Facilitation Agreement (TFA), the VTIP contains all the information needed for exporters and importers in their business. This includes detailed data on legal and trade procedures, legal documents, directions, forms, permits and applied fees in both Vietnamese and English.
Sebastian Eckardt, WB’s Lead Economist for Viet Nam, commented that the portal is an effective and single window information post, connecting businesses to the dozens of ministries and departments working in the export and import fields.
As a unified information portal, the VTIP contains all administrative rules concerning trade and is expected to save both time and cost for businesses, especially small and medium ones who show an interest in exporting, importing and even goods transiting. These features are expected to help Vietnamese businesses gain an in-depth understanding of international market trends and access.
It also includes a comprehensive guide on the Vietnamese economy, instructions for export and import procedures, technical customs terms, as well as information on free trade agreements signed by Viet Nam and their application, economic zone, cross border trade and a built in tracking system. Users can access a prolific data vault containing information and the appropriate Harmonized System (HS) Code for virtually all goods monitored by the government.
Duong Van Tam, Deputy Director of the GDVC’s International Cooperation Department, said that the VTIP is an important step for Viet Nam on its way to becoming one of the top four countries with the most lucrative business environment in ASEAN, by assisting the Government in simplifying and legalising relevant administrative procedures.
At present, the nation has climbed nine ranks to number 82, thanks to improvement in cross border trade, customs clearance and regulations on specialised inspection, according to the WB’s 2017 Doing Business report in terms of business environment improvement.
