Prime Minister Nguyen Xuan Phuc
Deputy Prime Minister Trinh Đinh Dung
Leaders of Ministries and Local Governments
Please let me on behalf of the World Bank to express my great honor to be here today joining this discussion on one of the most important development issues of Vietnam: measures to reduce costs and enhance infrastructure system for trade competitiveness of Vietnam. Vietnam’s past success in reducing trade costs, mainly due to tariff reduction, is reaching a ceiling. Further expansion can be supported by reducing non-tariff barrier costs, including costs to comply with administrative measures/procedures (before and at the border), and logistics costs.
Reducing trade costs, which are higher than ASEAN average, requires coordinated efforts from various costs contributors, and can be achieved by implementing a 4-pillar integrated program, covering:
- Strengthening trade facilitation by simplifying customs and specialized control regulations;
- Enhancing efficiency of trade-related infrastructure and the quality of connectivity;
- Building a competitive logistics service sector; and
- Consolidating interagency coordination and partnership with the private sector.
The World Bank stands ready to support Vietnam in making trade facilitation, logistics and trade competitiveness a centerpiece of its development and growth strategy, by providing a comprehensive analytical and technical assistance program combined with multi-year financial assistance in the form of a direct budget support operation. The following presentation was prepared by the World Bank team under the Australia-World Bank Group Partnership in Vietnam. We look forward to working closely with the Government counterparts, the private sector, and other development partners on this rewarding agenda for Vietnam development.
Thank You.
