(Tiểu luận FTU) tiểu luận thuận lợi hóa thương mại trade facilitation in hongkong

i TABLE OF CONTENTS INTRODUCTION CHAPTER 1: THEORITICAL REVIEW .3 1.1 Definition 1.2 Basic Principles CHAPTER 2: LEGAL FRAMEWORK 2.1 Overview of situation in Hong Kong 2.1.1 Market Overview 2.1.2 International Trade in Hong Kong .7 2.2 Trade Facilitation in Hong Kong 11 2.3 Trade Procedures and Documents in Hong Kong .13 CHAPTER 3: EVALUATION 19 3.1 Evaluating basing on principles 19 3.2 Impacts on trading partners 21 3.2.1 To Traders .21 3.2.2 To Hong Kong 22 CHAPTER 4: RECOMMENDATION FOR VIETNAM 24 4.1 Single Window Implementation .24 4.2 Overall recommendation 26 CONCLUSION 28 REFERENCES 29 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com ii LIST OF FIGURES Figure 2.1 Hong Kong’s foreign trade indicators…………………………………7 Figure 2.2 Merchandise and Services Trade Growth…………………………… Figure 3.1 Principles in Trade Facilitation………………………………………18 LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com iii LIST OF ABBREVIATION WTO: World Trade Organization GDP: Gross Domestic Product TFA: Trade Facilitation Agreement LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com INTRODUCTION With the ever-increasing pace of globalization, trade between countries is vastly expanding Founded in 1995, the WTO has been working steadfastly towards trade with less barriers among countries In a global economic system, which is increasingly linked in global value chains, the facilitation of cross-border trade and transport is of critical importance WTO defines trade facilitation as the “simplification of trade procedures” as trade facilitation refers to the simplification, harmonization and automation of international trade procedures, particularly import and export procedures, transit requirements and procedures applied by Customs and other agencies and the goal of trade facilitation is to made trade transactions quicker, easier, more efficient and less costly, thereby easing trade flows WTO members concluded negotiations at the 2013 Bali Ministerial Conference on the landmark Trade Facilitation Agreement (TFA), which entered into force on 22 February 2017 following its ratification by two-thirds of the WTO members With trade facilitation becoming the center of attention for world leaders and organizations, Vietnam as a member of WTO should take advantage of this movement to further its economic growth by adapting and gathering experiences from pioneers Hong Kong serves as a great example to study the trade facilitation experience Hong Kong is ranked as one of the best open markets according to various recognized international reports Most notable of all, in December 2014, Hong Kong became the first country to enact every single provision of the TFA without any exclusion (WTO, 2014) The successful application of trade facilitation and with an open trade focus, Hong Kong has always been evaluated as a potential market and trade center of the world Hence, the main objectives of this study are to: LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com Specify the terminology of trade facilitation and its various measures Understand the implementation of trade facilitation in the context of Hong Kong Indicate priorities that will establish better trade facilitation practices in Vietnam Understanding Hong Kong’s experience in trade facilitation provides valuable and practical lessons for Vietnam in terms of how to improve both its trade environment and trade facilitation implementation LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CHAPTER 1: THEORITICAL REVIEW 1.1 Definition For over the last 60 years, tariffs and some major nontariff barriers to trade, namely import quotas, have been reduced in significance Numerous countries and regions have focused on trade facilitation to maximize the benefits that can be obtained through international trade Trade facilitation is considered as the key to unlocking further gains The term ‘trade facilitation’ has been repeating and using continuously in nation gatherings Until recently, there is no global and official definition of the trade facilitation around the world Many international organizations and agencies have concentrated on different aspects of trade facilitation to announce and generalize the most proper idea about this term However, all emphasize the need for coordination, the transparent, systematic and efficient implementation of trade rules and regulations that affect the movement of goods between buyers and sellers along the entire international supply chain Therefore, in general, trade facilitation is defined to include policies and processes that reduce the cost, time, and uncertainty associated with engaging in international trade but excludes traditional trade instruments such as tariffs, import quotas, and other similar nontariff barriers The main objective of trade facilitation is to simplify the process and minimize transaction costs in international trade, while maintaining effective levels of government controls With the implementation of trade facilitation, all three parties involved in trade activities would earn benefits: - Governments would earn higher revenues from reduced frauds; - Enterprises would be more efficient and lift their profit levels; - Consumers would be able to experience cheaper goods and services LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com => Trade facilitation would encourage trade flows and sustainable growth, lower unnecessary costs and improve business climate 1.2 Basic Principles Trade facilitation principles is based on “The Four Pillars” including Transparency, Simplification, Harmonization and Standardization To understand carefully, it is necessary to go into details about each dimension of “The Four Pillars” To begin with, transparency, in trade facilitation, means promoting openness and accountability of a government's and administration's actions The information should be published in a way that the mass audience can readily access, understand and use The mentioned information would include laws, regulations and administrative decisions of general application, budgets, procurement decisions and meetings It is important that there would be no extra or hidden process or budget without public prior notification Furthermore, relevant stakeholders and the general public should be invited to participate in the legislative process, by providing their views and perspectives on proposed laws prior to enactment Next, simplification is to eliminate all unnecessary elements and duplications in trade formalities, processes and procedures Harmonization is the alignment of national procedures, operations and documents with international conventions, standards and practices It can come from adopting and implementing the same standards as partner countries, either as part of a regional integration process or as a result of business decisions Lastly, standardization is the process of developing formats for practices and procedures, documents and information internationally agreed by various parties Standards are then used to align and, eventually, harmonize practices and methods LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com To achieve the maximum efficiency of these principles, full cooperation between government authorities and the business community is essential LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com CHAPTER 2: LEGAL FRAMEWORK 2.1 Overview of situation in Hong Kong 2.1.1 Market Overview Hong Kong, China is undisputedly one of the world’s leading financial and logistics hubs An economic policy of free enterprise and free trade, rule of law, and an emphasis on and investment in education and commercial infrastructure have all been key contributing factors to its success Hong Kong as a Special Administrative Region of the People’s Republic of China (PRC) since its reversion in 1997, has proven in past economic crises to be exceptionally resilient Dominant and sustained drivers of economic growth include private consumption (retail), logistics and business services, financial services, real estate development (bolstered by ongoing public infrastructure works), and tourism Hong Kong has benefited from continued economic integration with mainland China’s growing economy Hong Kong is a free port that does not levy any customs tariff and has limited excise duties Its strong rule of law and respect for property rights make it a strategic platform for companies and businesses from around the world Hong Kong enjoys a high degree of autonomy, except in foreign affairs and defense It has its own common law legal system (as distinct from the PRC), currency, and customs jurisdiction There are numerous business opportunities given Hong Kong's expertise in finance and marketing, sophisticated infrastructure, and access to mainland China’s manufacturing base As a special administrative region of China, Hong Kong enjoys growing preferential access to the mainland The Closer Economic Partnership Arrangement (CEPA) offers Hong Kong's products and firms preferential access to the mainland's market CEPA goes beyond China's World Trade Organization (WTO) commitments, LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com eliminating tariffs and allowing earlier or preferential access to some services sector, of which overseas companies can also take advantage To sum up, the key characteristics of Hong Kong’s economic environment can be described as follows: ● world-class infrastructure; ● free flow of information; ● no restrictions on inward or outward investment; ● no foreign exchange controls; ● no nationality restrictions on corporate or sectoral ownership; ● simple, low-tax regime; ● and world financial hub 2.1.2 International Trade in Hong Kong Hong Kong's economy is considered a model of capitalism due to its commitment to free trade, with foreign trade representing 375.1% of its GDP (World Bank) Top exports include: ● integrated circuits, ● gold, ● radio-telephony transmission tools, ● electrical apparatus for line telephony, ● and meat Main imports include (WTO): ● integrated circuits ● and telephones LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 17 Scheme for Cross-Strait Transshipment Cargoes and the e-Sea Customs Clearance Scheme (e-SCC Scheme) (WTO, 2014) The e-SCC Scheme is a scheme currently launching by Customs It aims to simplify the existing Customs clearance procedures and provide an e-channel for sea freight forwarders to submit advance house bill of lading information through an Excel/CSV file to Customs Objectives: ➢ To provide an electronic means for house level information submission; ➢ To simplify the existing house level cargo information procedures ➢ To avail handy information for Customs to conduct risk ❖ Intermodal Transshipment Facilitation Scheme (ITFS) With the implementation of the Road Cargo System (ROCARS), Hong Kong Customs (C&ED) launched the Intermodal Transshipment Facilitation Scheme (ITFS) in November 2010 to provide facilitation to air–land and sea–land transshipment cargoes by simplified clearance process With the electronic advance cargo information and application of electronic lock (e-lock) and Global Positioning System (GPS) technology, C&ED monitors the transshipment cargo conveyed by the participating trucks within the territory under the ITFS The transshipment cargoes, if being selected for inspection, will normally be inspected once either at the point of entry or exit Time is saved by reducing repeated inspection which will expedite the flow of transshipment cargoes LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 18 CHAPTER 3: EVALUATION 3.1 Evaluating basing on principles Based on the three principles of trade facilitation, the Trade procedures and documents in Hong Kong will be evaluated as follows: Figure 3.1 Principles in Trade Facilitation Simplification: Hong Kong has successfully simplified the trade procedure so as to significantly reduce the time and efforts putting on custom clearance and import/export formation Some programs can be listed here as a good example of LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 19 technology appliance as well as removal of unnecessary documents: Trade Single Window, Electronic Cargo Clearance Platforms, Intermodal Transhipment Facilitation Scheme, etc The number of days necessary to complete trade procedures is strongly correlated with the number of documents needed In Hong Kong, about - documents are required by government authorities for traders to meet regulatory requirements for imports and exports The same pattern can be seen while documents for export are being prepared Generally, the average time spent for customs clearance and technical control is about four times less than the time necessary for document preparation Harmonization: As an active member of many international organizations such as United Nations, Asia-Pacific Economic Cooperation, World Trade Organization,etc Hong Kong has aligned their national procedures, operation and documents with international conventions, standards and practices In practices, Hong Kong Customs allows the importer to declare the value on the basis of the invoice value which mirrors the WTO Agreements Hong Kong maintains a Hong Kong Imports and Exports Classification List (Harmonized System) and it is amended annually to take into account the international requirements and significant changes in trade patterns and technology Trade Single Window is a notable example that Hong Kong has successfully implemented The establishment of this trade facilitation program is championed by the United Nations, World Customs Organization, World Trade Organization and the AsiaPacific Economic Cooperation The document Recommendation and Guidelines on Establishing a Single Window (UN/ CEFACT Recommendation 33) presents and discusses: - Different technological and organizational models of a Single Window, - Benefits to both traders and public administration, LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 20 - Possible services of a Single Window Standardization: In many trade facilitation programs that related to trade procedures and documents in Hong Kong, the standardization of the information contained in the data flows was considered an important step in the overall development An outstanding example is the eTradeConnect, a blockchain-based trade finance platform that enables digitizing trade documents and automating trade finance processes The system will digitize paper documents and automate processes for stakeholders involved in the trade process Government involvement at the start of the platform should help establish uniform rules and standards All relevant regulatory requirements will be clearly explained through a single centralized database to avoid any misunderstanding or misconception of both sides In addition, with information required for the processing of trade documents standardized, data can be reused more conveniently, thus minimizing data input effort 3.2 Impacts on trading partners 3.2.1 To Traders - Lower costs and reduced delays: With the aid of new technology, documents can be saved and proceeded online in a centralized platform, which saves a lot of additional costs such as printing, transporting among different departments, fixing errors in paper documents… In addition, the time delay is shortened significantly as the traditional procedures was replaced by the modernized one without time lag - Faster customs clearance and release through predictable official intervention: As everything is standardized and harmonized, the traders can prepare all necessary documents beforehand, which later can reduce the time for customs procedures In particular, time to export reduced from 13 days to days from 2006 to 2013, while time for import dropped from 17 days to days in the same period Hong Kong is currently among the top countries that offer shortest time for custom procedures This days already includes: LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 21 o Documents preparation; o Customs clearance and technical control; o Ports and terminal handling; o and Inland transportation and handling - Simpler commercial framework for doing both domestic and international trade: The simplification in trade procedures and documents of Hong Kong not only boosts the domestic commerce but also to align with international framework The traders will not worry about any conflict between national and foreign trade regulation anymore - Enhanced competitiveness: Inefficient trade-related procedures and processes can delay the delivery of products to overseas markets Such inefficiencies can affect the ability of manufacturers and exporters to meet the “just-in-time” needs of their overseas customers For that reason, the modernization of the procedures to put them into online platform can help indirectly enhance the competitiveness of traders from and to Hong Kong 3.2.2 ● To Hong Kong Increased effectiveness of control methods: With the automatic data storage and system update, the government authorities can easily check and review the necessary information online In addition, paperless documents also help the control of the process more smoothly and effectively The data, once being saved online, can be reused anytime in the future ● More efficient deployment of resources: The simplification as well as modernization of procedures and documents in Hong Kong can save manual work Less staff needed for a position, hence the deployment of resources will be more efficient When the Trade Single Window is launched in Hong Kong, its has an estimated saving of $860 million to $1,500 million per annum in administrative costs LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 22 ● Correct revenue yields: Corruption was popular in traditional administrative procedures This was not only a degradation in the professional ethics of officer, but also causing the loss of people's property and create a bad image of the government activity However, when everything is submitted and processed online, there will be no room for corruption, and revenue for the country can be yielded correctly ● Improved trader compliance: The trader will be encouraged to follow the rules and regulations if those rules are simplified, standardized and harmonized so that they will not causing any problems or mistakes during the process ● Encouragement of foreign investment: Foreign direct investors will pay attention to a country’s ease and cost effectiveness of importing and exporting goods and services before making an investment decision According to the 2019 World Investment Report released by UNCTAD, Hong Kong received USD 115 billion in FDI in 2018, 4% more than in 2017, stays the 3rd largest flow recipient One of the most important reasons for this development in FDI is the facilitation methods that Hong Kong government has done to improve trade procedures and documents LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 23 CHAPTER 4: RECOMMENDATION FOR VIETNAM Vietnam has undertaken a range of initiatives to facilitate trade The reform process has been driven by the government and not from outside donors The policy changes have been secured at a strategic level through international commitments The WTO accession with its obligations has accelerated the reforms, in particular the modifications of laws Moreover, the reforms have been supported by several donors such as the World Bank, the EU and the US Even though the Vietnamese government has strongly promoted trade facilitation, there are a number of severe problems that constrain the trade development, and the success in trade facilitation implementation in Hong Kong would set a great example for Vietnam to follow 4.1 Single Window Implementation Vietnam has been to promote one stop inspections by launching National Single Window (NSW) since November 2014 with the involvement of nine ministries, including the Customs Administration under the Ministry of Finance The NSW has successfully launched the testing system to receive messages of cargo, passenger and connecting the NSW system with Airlines systems As a successful practice in Single Window implementation by using Digital Trade and Transportation Network (DTTN), the lesson Vietnam NSW can learnt is expressed through the following critical success factors: a Commitment at the Highest Level To develop and implement the NSW system successfully, the government must ensure the commitment at the highest level for change, for computerization and to facilitate trade b Establishment Committees to take care of specific tasks LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 24 The Steering committee will consider policy issues and set the direction for the sub-committees to work out the procedures and implement the system This will ensure private sector support for and use of the new system when it is developed The steering committee should set up a series of sub-committees comprising of representatives from both the public and private sectors to look into following tasks: - Simplification of Documentation and Procedures - Development of a Community System - Data Administration c Choose Technical Service Providers carefully To provide for competition, the government may select a number of service providers to develop software to run the system The software developers shall sell their software and services to the business community based on their marketing and merit They shall also provide the training and technical support to their customers to operate the system efficiently d Clear-cut phased Implementation To ensure success, the government should consider a phased implementation of the NSW system Strong cooperation between all institutions and parties involved in implementing an integrated system of limited scale or scope, followed by a full scale or scope implementation e Establishment of Document Service Centres The setting up of document service centres is critical to the acceptance and success of the new system There may be a large number of SMEs that not have the daily volume to justify buying a computer system to prepare and submit their trade and LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 25 Customs documents For such enterprises, the government should encourage the use of document service centres 4.2 Overall recommendation The customs administration in Vietnam is still slow, unpredictable and exposed to corruption It focuses on control of all shipments instead of a system that facilitates trade and promotes private sector development Companies are still struggling with complicated administrative procedures, corrupt behaviour by customs officials as well as lengthy processes to complete import and export procedures There is an urgent need for a programme to reform, standardize, harmonize and simplify administrative procedures in terms of import and export, in accordance with international standards, towards implementing the Trade Facilitation Agreement (TFA) of the World Trade Organisation In 2019, United States Agency for International Development (USAID) has funded a five-year trade facilitation programme worth over 21.7 million USD to assist Vietnam in reducing the time and cost to trade The program will work with the General Department of Vietnam Customs (GDVC), under the Ministry of Finance, to strengthen the role and capacity of Vietnam's National Trade Facilitation Committee (NTFC) and their associated working groups to improve the efficiency of specialized inspections and customs-to-business partnerships It will also support the standardization of policies and procedures for export and import, strengthen national and provincial coordination, and build the capacity of provincial customs officers Further, clear rules are necessary to facilitate the flow of goods, and further education and involvement of customs officials in the reform process could limit corrupt behaviour The customs administration also needs to reorganise its work, from control of almost all shipments to a system that facilitates trade Lack of implementation and inconsistent application of laws put constraints on companies LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 26 Furthermore, the creation of a simpler import process would be highly appreciated by the companies and will result in more integration into international supply chains Finally, the poor transportation infrastructure in Vietnam is negatively influencing companies To make use of an efficient customs service it has to be complemented with a system of transport infrastructure and regulation The transport network in Vietnam needs to be upgraded; increasingly congested ports have negative impact on Vietnams’ further integration into the world economy The availability of a well-functioning supporting infrastructure, for example transportation network and communication facilities, is important for companies to be able to increase their exports LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 27 CONCLUSION It is important to understand the manner in which Hong Kong has maintained the consistency of free market policy in its economy The country’s goal of free trade influences all entities related to Customs, transportation, logistics, and infrastructure As the case of Hong Kong clearly illustrates, governmental willingness is the most influential factor in expediting each trade facilitation provision In order for Vietnam to maximize the benefits it reaps from trade facilitation efforts, it was found that Vietnam should focus on simplifying and reforming its administrative procedures and improving their efficiency with the foundation of improved infrastructure Using Hong Kong’s dedication to immediate implementation of all provisions of the WTO TFA as a prime example, Vietnam needs to bridge the gap between policy and actual practice in all governmental organizations in terms of trade facilitation By improving its implementation of trade facilitation measures and increasing trade capacity, Vietnam will have the fullest potential of growth and strength in the global market LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 28 REFERENCES Anh Minh (2019) US launches program to help Vietnam improve trade facilitation [online] HaNoi Times Available at: http://hanoitimes.vn/uslaunches-program-to-help-vietnam-improve-trade-facilitation-46550.html [Accessed Dec 2019] Fung, D (2019) Economic and Trade Information on Hong Kong [online] Hong Kong Economy Research Available at: http://hong-kongeconomy-research.hktdc.com/business-news/article/MarketEnvironment/Economic-and-Trade-Information-on-Hong-Kong/etihk/en/ 1/1X000000/1X09OVUL.htm [Accessed Dec 2019] Galpin, S (2013) Trade facilitation at work in Hong Kong [online] International Trade Centre Available at: http://www.intracen.org/article/Trade-facilitation-at-work-in-Hong-Kong/ [Accessed Dec 2019] Hammar, T (2008) Trade facilitation in Vietnam -recent progress and impact [ebook] Available at: http://lup.lub.lu.se/luur/download? func=downloadFile&recordOId=1337885&fileOId=1646865 [Accessed Dec 2019] Koh Tat Tsen, J (2010) The United Nations Network of Experts for Paperless Trade in Asia Pacific [ebook] United Nations Economic and Social Commission for Asia and the Pacific Available at: https://www.unescap.org/sites/default/files/brief2.pdf [Accessed Dec 2019] Lee, J and Lam, E (2019) Hong Kong's Long-Term Economic Role Is at Stake Amid Demonstrations [online] Bloomberg Available at: https://www.bloomberg.com/news/articles/2019-06-13/hong-kong-s-longterm-economic-role-at-stake-amid-demonstrations [Accessed Dec 2019] LUAN VAN CHAT LUONG download : add luanvanchat@agmail.com 29 VNA (2019) USAID-funded trade facilitation project launched [online] VietnamPlus Available at: 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Evaluating basing on principles Based on the three principles of trade facilitation, the Trade procedures and documents in Hong Kong will be evaluated as follows: Figure 3.1 Principles in Trade Facilitation. .. 4.1 Single Window Implementation Vietnam has been to promote one stop inspections by launching National Single Window (NSW) since November 2014 with the involvement of nine ministries, including... focused on trade facilitation to maximize the benefits that can be obtained through international trade Trade facilitation is considered as the key to unlocking further gains The term ? ?trade facilitation? ??