Vietnam must develop trade facilitation measures to enhance its export competitiveness, experts said a workshop held in Ho Chi Minh City on October 11.
Pham Minh Duc, senior economist at the World Bank in Vietnam, said that “an export-led growth model is still the most suitable strategy for Vietnam because exports are expected to boost productivity, bring technology transfer and become the magnet to FDI which contribute to growth.”
Trade facilitation depends on constant improvement in border and behind-the-border operations, transport infrastructure, logistics operations, customs and border management regulations and procedures.
Vietnam should further invest in infrastructure, enhance the participation of the private sector, and carry out modernization of customs procedures and a transparency campaign on zero tolerance of corruption.
According to the World Economic Forum’s Enabling Trade Index, Vietnam ranked 89 out of 118 countries, due to poor customs efficiency and transparency as well as a weak transport infrastructure.