MoIT helps enterprises deal with increasing trade remedy cases

Vietnam’s export goods face more trade remedies in the process of deep economic integration, so the Ministry of Industry and Trade has developed solutions for the situation.

Processing tra fish at a seafood company in Dong Thap Province. Many local seafood exporters have enjoyed zero anti-dumping tariffs when exporting to the US market. 

The ministry reported as of September this year, about 200 cases of trade remedies were implemented on Viet Nam’s exports. Of which, there were 32 cases in the first nine months of this year, doubling the number in the whole of 2019.

These cases were mainly for metals (aluminium, flat steel bars and steel pipes), fibres, seafood (shrimp and fish), plywood, construction materials (bricks, glass and sanitary ware), and chemical products.

Foreign countries and territories that have regularly implemented trade remedy investigations on Viet Nam's exports include the US, India, the EU, Turkey, Canada and Australia. These countries make up 62 per cent of the total 200 trade remedy cases on Viet Nam's exports. In recent years, ASEAN countries have also started investigations to apply trade remedies on Vietnamese products, with 38 cases, accounting for about 20 per cent.

Therefore, the ministry has promoted support for manufacturing industries and export enterprises to respond to the trade remedy lawsuits. These ensure their legitimate rights and interests in international trade activities and contribute to reaching the export growth target.

The ministry has regularly updated the list of goods that are at risk of trade remedies and origin fraud measures. It has helped state management agencies strengthen supervision and implement suitable measures.

It has recommended local businesses actively develop plans for production and business, and handling trade remedy lawsuits, while it has provided up-to-date information about the cases.

 

When a trade remedy case for a Vietnamese product is initiated, the ministry has offered support relating to the case for businesses, especially legal issues.

At the same time, it has coordinated with relevant ministries, sectors and provincial people's committees on investigation questionnaires as measures to support local enterprises in the lawsuits.

With these efforts, according to the ministry, Viet Nam has witnessed success in many trade remedy lawsuits, meaning tax was not imposed or trade defence measures were halted in 65 cases.

Many products, such as seafood, steel, and wood, face trade defence measures but many businesses enjoy zero or very low tax rates to help them maintain and grow exports, especially to major markets such as the US, EU and Canada.

The ministry has recommended that to minimise negative impacts of trade remedies, the manufacturing and export industries and Vietnamese enterprises need to diversify their markets and improve competition in terms of quality. The businesses also need to consider trade remedies part of their production and business strategy, especially export activities.

The enterprises must have basic knowledge of regulations on trade remedies and monitor the Ministry of Industry and Trade’s information about this issue when exporting their products to other countries. They must strictly comply with the rules of origin certification. — VNS

Vietnamese goods face tough road to foreign markets due to trade remedies

Vietnamese goods face tough road to foreign markets due to trade remedies

With an array of free trade agreements (FTAs) inked and coming into force, countries around the world have also increased technical barriers to protect their domestic industries,

 
 

Other News

.
Vietnam to become the 4th largest economy in Southeast Asia: IMF
Vietnam to become the 4th largest economy in Southeast Asia: IMF
BUSINESSicon  17/10/2020 

Vietnam's GDP is estimated to reach US$340.6 billion this year, making it the fourth-largest economy in Southeast Asia.

M&A activities signal promising fortunes
M&A activities signal promising fortunes
BUSINESSicon  17/10/2020 

Although merger and acquisition levels dropped in 2020 across Vietnam, the prospect for such activities remain bright for next year as overseas investors look to local businesses in order to improve market access.

Online exports require professionalism
Online exports require professionalism
BUSINESSicon  17/10/2020 

Using online platforms to boost exports is the fastest way to bring Vietnamese goods to the world, said business leaders and industry experts.

Real estate stocks await cash flow
Real estate stocks await cash flow
BUSINESSicon  17/10/2020 

Domestic and foreign capital flow is expected to bolster real estate shares after the COVID-19 pandemic as many investors are paying attention to the industry.

VIETNAM'S BUSINESS NEWS HEADLINES OCTOBER 17
VIETNAM'S BUSINESS NEWS HEADLINES OCTOBER 17
BUSINESSicon  17/10/2020 

Banks start to report business performance

ASEAN pushes forward with 5G connectivty cooperation
ASEAN pushes forward with 5G connectivty cooperation
BUSINESSicon  17/10/2020 

As ASEAN chair this year, Vietnam is playing a crucial role in further cementing joint activities within the bloc via boosting the application of high technologies to adapt to Industry 4.0, which is sweeping throughout the region.

Investors lose billions of VND as land prices keep rising
Investors lose billions of VND as land prices keep rising
FEATUREicon  17/10/2020 

A lot of real estate traders have missed opportunities to make huge profits because they decided to postpone purchasing plans, hoping that prices would decrease further.

The right structural adjustments help Vietnam achieve long-term growth aspirations
The right structural adjustments help Vietnam achieve long-term growth aspirations
BUSINESSicon  17/10/2020 

No nation has escaped the threat of COVID-19 to lives and livelihoods, with many countries seeing cases resurge recently. 

Meeting expectations of the corporate bond market
Meeting expectations of the corporate bond market
BUSINESSicon  16/10/2020 

A new government decree tightens conditions on the issuance of corporate bonds. However, before the decree came into effect, enterprises flooded the market with new issuances.

Post-equitization period: high hopes put on strategic investors
Post-equitization period: high hopes put on strategic investors
FEATUREicon  17/10/2020 

The equitization of state-owned enterprises must place more importance on the management experience of strategic investors.

Many hoteliers intend to divest capital due to heavy losses
Many hoteliers intend to divest capital due to heavy losses
BUSINESSicon  16/10/2020 

Over the past eight months, hotel room tariffs have plunged and hotel room occupancy rates have remained low, forcing several hoteliers to divest capital with many financially weak hotels in the local market being put up for sale.

Salary increases in 2020 lowest in 10 years: survey
Salary increases in 2020 lowest in 10 years: survey
BUSINESSicon  16/10/2020 

Salaries increased by 6.5% this year at multinational companies (MNCs) and 5.2% at Vietnamese companies, and are forecast to increase by 7 per cent and 7.7% next year, according to the Talentnet – Mercer Total Remuneration Survey.

VIETNAM'S BUSINESS NEWS HEADLINES OCTOBER 16
VIETNAM'S BUSINESS NEWS HEADLINES OCTOBER 16
BUSINESSicon  16/10/2020 

Public investment disbursement speeds up

Stable outlook expected for Vietnamese dong
Stable outlook expected for Vietnamese dong
BUSINESSicon  16/10/2020 

While Vietnam is at risk of being listed as currency manipulator by the US, such a risk appears low, as the US will likely continue to reduce its dependence on Chinese exports by reorganizing its supply chain with other partners.

The Vietnamese brain will decide
The Vietnamese brain will decide
FEATUREicon  16/10/2020 

"Vietnamese have nothing but brains to develop the country in the future." 

Thai billionaire, European brewer lose money in Sabeco investment deal
Thai billionaire, European brewer lose money in Sabeco investment deal
BUSINESSicon  16/10/2020 

The Sabeco price has seen a strong recovery in the last half a year, but is still at a low price. Both Thai billionaire and the big brewer Heineken have lost money because of the drop in Sabeco share price.

Infrastructure development at the centre of PPP decree direction
Infrastructure development at the centre of PPP decree direction
BUSINESSicon  16/10/2020 

Further clarifying the legal framework for infrastructure development via wider participation of private investors is expected to help the country attract more funding into the industry.

Vietnam banking sector to suffer in 2020 before rebounding in 2021
Vietnam banking sector to suffer in 2020 before rebounding in 2021
BUSINESSicon  15/10/2020 

Fitch Solutions expected credit growth to weaken to 7% in 2020 from 13.7% in 2019, but the growth is predicted to pick up to 12% one year later.

Realising revised growth ambitions
Realising revised growth ambitions
BUSINESSicon  15/10/2020 

Vietnam’s fourthquarter economic outlook is brighter on the back of a rise in domestic consumption and public investment.

State firms more resilient than foreign, Vietnamese private companies: survey
State firms more resilient than foreign, Vietnamese private companies: survey
BUSINESSicon  15/10/2020 

Business resilience is highly correlated with level of digitisation, the Business Pandemic Resilience Diagnostic conducted by Grant Thornton...

 
 
 
Leave your comment on an article

OR QUICK LOGIN