HCM CITY — The General Department of Vietnam Customs held a dialogue with European businesses in HCM City on August 30 to help clear customs issues of their concern, especially customs revaluation. 
The European Union (EU) holds a major proportion of trade and investment in Việt Nam. Bilateral trade jumped almost 11 times from US$4.1 billion in 2000 to $45 billion in 2016 and is forecast to hit $50 billion this year. 
A survey by the European Chamber of Commerce in Vietnam (EuroCham) shows that most of the businesses in question still know little about regulations on customs revaluation. 
EuroCham executive director Almut Roessner said as most revaluation decisions in Việt Nam were made based on customs database or reference values collected on the internet, they weren’t objective or in line with regulations. 
According to the HCM City Customs Department, only 2-3 per cent of commercial goods had their customs value revaluated in 2016. The 25 per cent figure provided by EuroCham may include non-commercial goods. 
In response to European firms’ opinions, Nguyễn Quốc Toản, deputy head of the department’s export-import tariffs division, assured that customs revaluation has always been conducted in conformity with legal regulations and in a transparent manner. Customs database is not used as a basis for adjusting goods’ customs value. 
To tackle obstacles during the handling of customs procedures, the customs sector will work harder to popularise new legal documents and regulations among businesses, thereby helping boost awareness and coordination with customs agencies in enforcing law, preventing smuggling and trade fraud and creating a healthy business and competition environment, he said. 
Deputy general director of Vietnam Customs Hoàng Việt Cường appreciated EU businesses’ contribution to Việt Nam’s economic growth, noting that improving the business climate and businesses’ competitiveness is critical to sustainable growth and competitiveness of the Vietnamese economy. 
The customs sector is striving to realise trade facilitation targets, including cutting down the time needed to handle customs procedures for export goods from 108 hours to 70 hours and for import goods from 138 hours to 90 hours, the official added. — VNS