Vietnam Amends Customs Law to Boost Digitalization and Trade Facilitation

The Standing Committee of the National Assembly of Vietnam exchanged opinions on the draft law amending and supplementing a number of articles of the Customs Law at its 4th session. This draft amendment aims to innovate the enterprise management thinking, shifting from primarily classifying goods to managing based on legal compliance levels using data with an AI-integrated system for automatic decision-making. The amendment to the Customs Law is intended to establish a legal foundation for modernizing customs management, moving towards a digital and smart customs system. Specifically, by implementing an AI-powered risk management system and simplifying procedures for highly compliant businesses, the goal is to facilitate cross-border trade. This is expected to lead to faster administrative processes, reduced costs, and enhanced competitiveness in international trade. Vietnam has been deepening its integration with the international community in recent years, making the modernization of customs operations an urgent issue. This amendment to the Customs Law reflects the Vietnamese government's intention to respond to these global trends and build a more efficient and transparent trade environment through digitalization. The AI-based decision-making system is also expected to contribute to deterring illicit activities and stabilizing tax revenues. Furthermore, this legal reform holds significant importance in strengthening Vietnam's role in global supply chains and attracting foreign investment. Establishing a legal "shield" to enhance security in cross-border transactions is crucial for gaining international trust. Information source: Nhan Dan