The General Department of Customs approved the application of three more companies for expedited customs procedures. — VNS Photo

HA NOI (Biz Hub) — The General Department of Customs approved the application of three more companies for expedited customs procedures, baodautu.vn reports.

The newly approved enterprises are Nam Kim Steel Joint Stock Co and Ton Dong A Co, which operate in the southern province of Binh Duong, and the northern Thai Nguyen Province-based TNG Trade and Investment Co.

The latest addition increased the number of Vietnamese enterprises which benefit from expedited customs procedures to 49.

The customs priority programme for enterprises was piloted in 2011 and officially began in 2013.

The scheme simplifies administrative procedures for participating enterprises, reducing the amount of paperwork they must complete and the number of inspections they must undergo.

Under the scheme, an export and import company needs US$100+ million turnover a year to be considered a priority enterprise. The conditional export revenue for an agricultural and fisheries company is $30 million a year. — VNS