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New WB report stresses on importance of trade facilitation

New WB report stresses on importance of trade facilitation

Friday, October 04, 2013, 17:00 GMT+7

Vietnam has to further facilitate trade, at home and abroad, in order to achieve rapid growth rate like it did in the past, said the World Bank (WB) in its latest report on trade facilitation for Vietnam.

Trading plays an important role in the country’s gross domestic product (GDP) growth, thus Vietnam’s future export growth should rely on enhanced competiveness and higher added-value products, said a conference held by the WB in HCMC to launch the 250-page report.

Economic reform, occurred domestically and internationally in the past two decades, have contributed to Vietnam's economic growth as well as improved the business environment, created more jobs and reduced poverty, according to the "Vietnam: Trade Facilitation, Value Creation and Competitiveness" conference.

However, the economic results achieved from trade liberalization in Vietnam has yet been as effective as expected because very few interests have been paid to trade facilitation, like policies to address problems related to legal framework for cross-border trade, and the enhancement of the connection between transport infrastructure and logistics services.

Although Vietnam has always said that trade facilitation and logistics are important for raising the country’s competitiveness, the issues are often not included in its growth strategies in practice, including the improvement of transportation infrastructure, as well as in specific action plans.

To fix the problem, the WB report, offered in two volumes, stressed that Vietnam should implement comprehensive institutional and policy reforms, in addition to external trade liberalization to maximize the benefits of trade.

While improving transport infrastructure and commercial services will promote trade competitiveness in the long term, supply chain restructuring will add more values for local exported goods, thus reducing the consequences arising from the country’s economic restructuring, according to the WB analysis.

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