A customs bond model for speeding up clearance of goods is required to deal with Vietnam’s complicated administrative procedures and boost its competitiveness, experts told a conference on trade facilitation in HCM City on September 6.
At a conference on facilitating Vietnam’s trade, experts say new models such as customs bond will help simplify procedures and increase trade (Source: VNA)
HCM City (VNS/VNA) – A customs bond model for speeding up clearance of goods is requiredto deal with Vietnam’s complicated administrative procedures and boost itscompetitiveness, experts told a conference on trade facilitation in HCM City onSeptember 6.
The system is meant to streamline import processing, with the bond being anagreement that ensures an importer (who would buy a custom bond from anapproved surety company) will pay all fees and taxes as well as comply withlaws and regulations.
The surety company will act as a third party who will pay the customs if animporter is unable to fulfill its obligations before seeking reimbursement fromthe importer.
Customs bonds thus help speed up goods clearance.
The model is expected to be piloted beginning in 2020.
Nestor Scherbey, senior policy advisor to the Global Alliance for TradeFacilitation (GATF) in Vietnam, said Vietnam would be the first developingcountry in Asia to implement a customs bond system for commercial exports andimports.
He said a large portion of trade costs stems from economic policies andregulations, especially administrative procedures for border management, andaccording to a World Bank study of 126 countries, around 75 percent of delaysare due to administrative hurdles such as certification, inspections and othercustom procedures as opposed to physical infrastructure.
“Outdated trade regulations combine with burdensome and non-transparentadministrative procedures to inflict a burden on economic growth through tradethat is the equivalent of a 164.25 percent ‘Invisible Tariff or Tax’.”
The invisible tax is the most significant non-tariff or technical barrier to Vietnam’sexports, and is especially challenging for small to medium-sized businesses, asmost of Vietnam’s businesses are, since they lack the resources to overcome it,he added.
Nguyen Thi Thanh Nhan, customs manager at Intel Products Vietnam, saidadaptation to new technologies and regulatory changes and more involvement ofprivate businesses in customs reforms are needed.
Reducing export clearance time by a day can increase annual exports by around 1percent, which is around 2.13 billion USD, Scherbey said.
In the first half of this year, Vietnam’s exports and imports were worth 113.93billion USD and 111.36 billion USD, respectively.-VNS/VNA
The Global Alliance for Trade Facilitation (GATF) will help Vietnam to establish a customs bond system – part of the country’s efforts to modernise and reform administrative procedures relating to import and export.
The Ministry of Finance will collaborate with relevant ministries and agencies to review legal regulations to establish a customs bond system to facilitate customs clearance in Vietnam in the 2018-2019 period.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
Developed with state-of-the-art infrastructure, the Da Nang FTZ is designed to become a leading regional economic centre and a strategic growth pole in Vietnam’s new development landscape.
The Binh Duong Association of Supporting Industries (BASI) is expected to promote the usage of domestically manufactured components while supporting businesses in accessing international markets, strengthening linkages, and promoting deeper integration into global supply chains.
PwC Vietnam forecasts a vibrant M&A market in Vietnam’s healthcare sector in 2025, driven by rising demand for high-quality medical services and a growing middle class. Pharmaceutical companies, private hospitals, and specialised medical facilities, particularly in ophthalmology and oncology, are predicted to be key targets for M&A.
The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
At a conference on facilitating Vietnam’s trade, experts say new models such as customs bond will help simplify procedures and increase trade (Source: VNA) 
