Sunday, January 30, 2005

Vietnam seeks WB loan for Customs sector

Vietnam is seeking a $70 million loan from the World Bank for a project to upgrade and modernize its customs sector. The project is designed to standardize Vietnam’s customs performance, chiefly by replacing paper procedures with e-customs declaration and clearance, according to Le Manh Hung, general director of the General Department of Customs. The new procedure would help businesses save more than half the time necessary for paper procedures. The department forecasts the total number of declarations will be more than 3.5 milloin in 2006, three times more than 2003. (VNS, VDC News Jan 27, Vietnam & World Economy Jan 26 p2, Vietnam News Briefs, Jan. 28).


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