Ministry to help business minimise impact of trade remedies
The Ministry of Industry and Trade (MoIT) will keep on coordinating with relevant ministries and sectors in supporting businesses to minimise impacts of trade remedies which may have an detrimental effect on Vietnam’s export activities.
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| The MoIT said that the larger the exporting economies, the more susceptible they are to trade remedies. Illustrative photo. (Source: VNA) |
Accordingly, communication, training and legal knowledge dissemination activities will be enhanced to help business associations and enterprises improve their skills in handing foreign trade remedy investigation cases.
The MoIT said that the larger the exporting economies, the more susceptible they are to trade remedies, which the World Trade Organisation (WTO) allows its member countries to use to protect domestic industries against acts of unfair competition of imported goods.
With the Party's sound policies on international economic integration, export has become an important driver of the national economic growth. Vietnam's export turnover increased by 11.7 percent each year on average in the period 2016-2020, hitting 281.5 billion USD in 2020, and 336 billion USD in 2021.
With these results, Vietnam has become one of the 20 economies with the largest trade scale in the world. The Southeast Asian nation’s export goods are also facing more and more foreign trade defence investigation and application cases.
As of April 2022, Vietnam had faced 212 cases of trade remedy investigation in foreign countries.
Supporting enterprises in handling foreign trade remedy investigation cases has been institutionalised in the Law on Foreign Trade Management and concretised in a number of projects approved by the Prime Minister.
Thanks to efforts made by the Government, the business community's awareness of trade remedy is gradually being enhanced.
In some cases, the MoIT coordinated with related ministries and sectors to directly provide information at the request of foreign investigation agencies so that they can better understand policies and regulations of Vietnam and avoid drawing unfavorable conclusions for Vietnamese enterprises based on unbiased and inaccurate accusations.
The Vietnamese authorities’ support in handling foreign trade remedy investigation cases have proven effective.
In many cases, Vietnam has succeeded in proving that the Government does not subsidise or interfere in the market to create unfair advantages for exporters.
(Source: VNA)
