HANOI, March 22 (Xinhua) -- Vietnam plans to tighten unofficial cross-border trade and boost official exports as part of efforts to facilitate a more efficient movement of goods, Vietnam News Agency reported on Wednesday.
The Ministry of Industry and Trade has developed a timeline to increase regulation on cross-border trade activities which are mainly conducted by small and unregistered traders living in the proximity of the borders between Vietnam and neighboring countries.
Vietnam plans to apply a stricter tax policy on informal cross-border trade from 2025, which will require cross-border exporters to meet higher quality and traceability standards.
By 2028 the country will only allow official exports with quotas through land borders.
As bilateral trade between Vietnam and China jumped to 234.9 billion U.S. dollars last year, Vietnam has become China's biggest trading partner among the 10 ASEAN countries, and its sixth-largest partner in the world.