24 Aug 2018
VIETNAM: Customs Surety Bond Set to Fast Track Import-Export Clearance
A surety bond scheme is to be introduced in a bid to reduce customs clearance time for imports and exports. With the proposal to pilot the scheme in 2020 backed by the Ministry of Finance, the initiative will allow traders to purchase a customs bond from a government-approved surety company. This can then be used as a guarantee that any duty requirements will be met and that all relevant documentation will be supplied on a post import/export basis, allowing the initial clearance procedure to be fast-tracked.