Trade defence instruments important to Vietnam’s open economy

Strengthening the application of trade defence instruments would be necessary for Vietnam, which was among countries with the highest economic openness level, according to the Ministry of Industry and Trade.

Production of colour coated rolled steel. Trade defence measures which had been or were being imposed helped protect jobs for about 120,000 labourers, according to the Ministry of Industry and Trade. — Photo tapchicongthuong.vn

Viet Nam established free trade relations with 55 countries through the signing of 14 free trade agreements (FTAs), 13 of which were already in force, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

With nearly all tariffs lifted under commitments of the 13 in-effect FTAs, Viet was now among countries with the highest economic openness level, the ministry said, adding that there were also challenges to sustainable development.

Despite roadmaps for opening the economy, local production was facing growing competition from imported products. Viet Nam’s exported products also encountered the increasing application of trade defence measures by foreign countries.

Le Trieu Dung, director of the ministry’s Trade Remedies Authority of Viet Nam, said that Viet Nam developed a legal framework on trade defence 15 years ago, before the country’s participation in the World Trade Organisation. However, the application of trade defence measures only became common in the last five years in Viet Nam.

According to Dung, trade defence measures which had been or were being imposed helped protect jobs for about 120,000 labourers, encourage local production and contribute to the balance of international payment.

It was estimated that production sectors which were protected by trade defence measures contributed around 6.3 per cent of the country’s gross domestic product. In addition, the budget revenue also increased as higher import tariffs were imposed.

 

Of note, Dung said that the application of trade defence measures would not only protect local production and domestic jobs but also help reduce the dependence on imported products.

Dung said the ministry was keeping a close watch on price developments and imports as well as carrying out reviews to consider the imposition of appropriate trade defence measures to protect the legitimate rights of domestic producers based on the principles of transparency and compliance with Viet Nam’s legal provisions and international commitments.

Dung said that FTAs all aimed at trade liberalisation but the tariff liberalisation following FTAs would require trade defence measures.

The ministry’s statistics showed that since 2013, investigations for trade defence measures were initiated on 16 cases, including 10 anti-dumping and six safeguard probes. The ministry issued 13 decisions for the imposition of trade defence instruments, mainly on steel and iron, fertiliser, plastics, textiles and food.

Thee major trade defence measures were anti-dumping, anti-subsidy and safeguard ones. — VNS

Twelve products face risk of being investigated for trade defence measures

Twelve products face risk of being investigated for trade defence measures

The Trade Remedies Authority of Vietnam has announced the list of 12 products which are at risk of being investigated for trade defence measures or origin fraud and illegal conveyance.  

Vietnam increases application of trade defence instruments

Vietnam increases application of trade defence instruments

Vietnam is increasing the application of trade defence instruments to protect the legitimate rights of domestic producers as the country integrates rapidly into the global economy.

 
 

Other News

.
Vietnam’s first private IT museum inspires young generation
Vietnam’s first private IT museum inspires young generation
SCI-TECH & ENVIRONMENTicon  24/05/2020 

Vietnam’s first information technology museum was established by Doctor Nguyen Chi Cong, former Head of the Department of Science and Technology under the Vietnam Information Technology Association.

Vietnam Railway reports VND600bn in losses
Vietnam Railway reports VND600bn in losses
BUSINESSicon  23/05/2020 

The Vietnam Railway Corporation (VNR) is facing losses of over VND600bn (USD26m) in 2020 because of Covid-19.

Four-month earnings slow but firms hope for better months ahead
Four-month earnings slow but firms hope for better months ahead
BUSINESSicon  23/05/2020 

A number of listed companies have announced lower earnings in April after closing for half of the month.

Demand for ready-built factories and warehouses increasing: CBRE
Demand for ready-built factories and warehouses increasing: CBRE
BUSINESSicon  23/05/2020 

The development of e-commerce together with delays to import and export activities due to disrupted logistics services has accelerated demand for ready-built factories and warehouses during the COVID-19 outbreak in Viet Nam.

Real estate firms gear up for the race after pandemic
Real estate firms gear up for the race after pandemic
BUSINESSicon  23/05/2020 

 Property firms are gearing up to tap opportunities from the post-pandemic recovery of the real estate market, which was predicted to soon get back on its feet.

Vietnam ready for new investment influx
Vietnam ready for new investment influx
BUSINESSicon  23/05/2020 

Foreign investors are speeding up the restructuring and reallocation of their production networks globally, with Vietnam considered a bright candidate for investment given its location within the world’s most dynamically-developing region.

S&P maintains stable outlook for Vietnam’s sovereign credit rating
S&P maintains stable outlook for Vietnam’s sovereign credit rating
BUSINESSicon  23/05/2020 

S&P Global Ratings has announced it has retained Vietnam’s sovereign credit rating at BB, with a stable outlook, according to the Ministry of Finance.

Covid-19 resets operational mode of VN retail market
Covid-19 resets operational mode of VN retail market
BUSINESSicon  23/05/2020 

Revenue from e-commerce has increased rapidly during Covid-19, but many traditional retailers have had to give back business premises to landlords.

Weak growth outlook to spur further monetary easing in Vietnam: Fitch Solutions
Weak growth outlook to spur further monetary easing in Vietnam: Fitch Solutions
BUSINESSicon  22/05/2020 

Given the weak economic outlook in Vietnam, Fitch Solutions expects further easing measures to be applied over the rest of 2020 as the country is still targeting real gross domestic product (GDP) growth above 5%.

Many hotels in HCMC priced too high for sale
Many hotels in HCMC priced too high for sale
BUSINESSicon  22/05/2020 

Many hotel owners in HCMC are putting their properties on sale due to the tourism decline inflicted by the coronavirus pandemic but at very high prices.

Agribusinesses rocked by twin negative impacts
Agribusinesses rocked by twin negative impacts
BUSINESSicon  22/05/2020 

In spite of several highlights, the agricultural picture remains gloomy due to twin blows of climate change and coronavirus.

Online food purchases predicted to rule the roost post-pandemic
Online food purchases predicted to rule the roost post-pandemic
BUSINESSicon  22/05/2020 

The online food and grocery delivery segment has gained remarkable momentum after multiple platforms launched services for those stuck at home during social distancing.

Vietnam set to become shelter for foreign real estate investment post-COVID-19
Vietnam set to become shelter for foreign real estate investment post-COVID-19
BUSINESSicon  22/05/2020 

Big companies like Apple, Nintendo, and Samsung and their supplier have switched out to limit damage.

Telecom industry expects high growth in the next five years
Telecom industry expects high growth in the next five years
BUSINESSicon  22/05/2020 

Five sectors of telecoms, information and technology, clean agriculture, clean technologies, retail, healthcare and pharmaceuticals have potential for high growth in the next three years.

Outstanding loans of twelve inefficient projects amount VND21 trillion
Outstanding loans of twelve inefficient projects amount VND21 trillion
BUSINESSicon  22/05/2020 

The outstanding loans of twelve inefficient projects under the Ministry of Industry and Trade totalled US$905 million as of the end of 2019, most were overdue, according to the Government’s report to the National Assembly.

Panasonic to move Thai-based production to Vietnam
Panasonic to move Thai-based production to Vietnam
BUSINESSicon  22/05/2020 

Japanese appliance-maker Panasonic on May 21 said that next year it will move its Thai-based production of refrigerators and washing machines to Vietnam, laying off some 800 workers.

Local air-conditioner brands join race for market share
Local air-conditioner brands join race for market share
BUSINESSicon  22/05/2020 

Vietnamese air conditioner manufacturers are increasingly using sophisticated technologies as they jostle for market share in a competitive market.

Enterprises in supporting industries busy with orders during COVID-19
Enterprises in supporting industries busy with orders during COVID-19
BUSINESSicon  23/05/2020 

While other industries complain about the lack of jobs, enterprises in supporting industries have been operating at full capacity to satisfy a high number of orders.

Repatriated citizens: high-quality human resources for post-Covid-19
Repatriated citizens: high-quality human resources for post-Covid-19
BUSINESSicon  22/05/2020 

The number of repatriated citizens in the post-Covid-19 period is expected to increase, which will put pressure on the labor force and social security.

Vietnamese businesses ready to be connected with “avenue” EVFTA
Vietnamese businesses ready to be connected with “avenue” EVFTA
BUSINESSicon  22/05/2020 

Economic cooperation between Vietnam and the European Union (EU) is about to turn a new page in history as the Vietnamese National Assembly is moving very close to ratifying the EU-Vietnam Free Trade Agreement (EVFTA).

 
 
 
Leave your comment on an article

OR QUICK LOGIN