HANOI, Sept 25 (Reuters) - Vietnam has cut the market entry requirements and streamlined licensing procedures for rice businesses, its trade ministry said on Friday, a move aimed at boosting exports.
A government decree issued this week and taking effect from next month will cut business requirements for rice exporters by a third, the ministry said in a statement.
* Vietnam, one of the world's top rice exporters, has experienced declines in both the volume and value of its shipments.
* The Industry and Trade Ministry said the rule changes are aimed at simplifying administrative procedures, cutting compliance costs and encouraging the production and export of higher-value rice products.
* Licensing times will be shortened, and exporters will be required to submit only one regular report each month, compared with three under the current rules, according to the ministry.
* The decree also revises rules on export entrustment and strengthens penalties for traders that fail to maintain the required inventory levels or comply with export regulations. It establishes a framework for centralised government-to-government rice contracts and allows authorities to adjust export activity or introduce export price frameworks when necessary to stabilise the market.
* Vietnam's rice exports fell 5.1% year on year to 6 million tons in the first eight months of this year, while export earnings fell 10.8% to $2.9 billion, according to customs data.
(Reporting by Khanh Vu; Editing by David Stanway) -- Reuters
