MIL-OSI Asia-Pac: Customs clearance time for exports shortens

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Source: Socialist Republic of Vietnam

The cost for such procedures averaged US$338, falling US$81.72 against 2019.

Meanwhile, the time for imports was 54.8 hours, a drop of 48.88 hours. Total cost for the procedures hit US$313.17, plunging US$256.41.

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.

MIL OSI Asia Pacific News