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.

Vietnam increases application of trade defence instruments hinh anh 1

Vietnam has decided to impose temporary anti-dumping duty on biaxially oriented polypropylene (BOPP) originating from China, Thailand and Malaysia (Photo: thegioitiepthi.vn)

The Ministry of Industry and Trade on March 18 issued an initial decision to temporarily impose anti-dumping duty on monosodium glutamate (MSG) products originating from China and Indonesia.

Exporters of products originating from China would face tariffs ranging from 2.889 million VND (124 USD) per tonne to 6.385 million VND. A tariff of 5.289 million VND per tonne would be applied to all products originating from Indonesia.

The tariff would be in effect from March 25 for 120 days.

The ministry initiated investigations in October 2019, which found that despite the imposition of a safeguard tariff of 3.2 million VND per tonne, MSG products originating from China and Indonesia had dumping margin of up to 28 percent, posing significant injuries to domestic production.

According to Trade Remedies Authority of Vietnam, from 2016, the MSG production industry in many countries saw rising inventories, which might lead to dumping to other countries, including Vietnam. This created difficulty and pressure on local industry.

In addition, the US and European Union were imposing anti-dumping tariffs on MSG originating from China and Indonesia, thus, the authority said that producers from the two countries might seek to expand export markets, including Vietnam.

Vietnam was the second largest MSG export market of China and fourth of Indonesia.

 

Further investigations were still ongoing for a final decision. Investigations to evaluate impacts to related parties, including end-users, were expected to finish in the last quarter of this year.

On the same day, the ministry also decided to impose temporary anti-dumping duty on biaxially oriented polypropylene (BOPP) originating from China, Thailand and Malaysia. The duties would range from 14.99 percent to 43.04 percent for products from China, 10.91 percent to 23.05 percent for Malaysia and 20.35 percent for Thailand.

The investigation would be carried out until the third quarter of this year.

Starting in August 2019, the investigation found that strong rise in import volume during the investigation process caused injuries to local production, especially drops in output, sale, revenue, profit, and market share. Many local producers suffered losses and went bankrupt, according to the Trade Remedies Authority.

In another development, Canada temporarily imposed anti-dumping and subsidy duties on corrosion-resistant steel sheet originating from several countries, including Vietnam.

The investigation initiated in November 2019 found Vietnamese exporters had dumping margins from 36.3 percent to 91.8 percent, thus, anti-dumping duty was imposed from March 20. The final decision was expected on June 18.

The Ministry of Industry and Trade said it would continue working with relevant agencies to ensure that the dumping margins in the final decision were more reasonable.

Exporters of products originating from Vietnam were not subject to subsidy tariff as initial findings showed that the Government did not subsidise them./.VNA

 
 

Other News

.
Positive outlook for insurance stocks as 2022 arrives
Positive outlook for insurance stocks as 2022 arrives
BUSINESSicon  09/01/2022 

State capital divestment planning and the removal of limitations on foreign ownership are expected to drive insurance stocks to flourish in 2022.

AmCham Vietnam to promote increased trade and investment ties in Vietnam
AmCham Vietnam to promote increased trade and investment ties in Vietnam
BUSINESSicon  09/01/2022 

AmCham will continue to work on lowering barriers to trade and creating a high-standard, transparent, and stable business environment in Vietnam.

Economic prospects for the world and Vietnam
Economic prospects for the world and Vietnam
BUSINESSicon  09/01/2022 

The severity and persistence of inflation worldwide have surprised most central banks and organizations that offer economic forecasts. 

Hanoi completes nearly 546,000 square meters of floor area in 2021
Hanoi completes nearly 546,000 square meters of floor area in 2021
BUSINESSicon  09/01/2022 

Despite the ongoing impacts of the Covid-19 pandemic, housing development is still being promoted.

Vietnam's seafood exports beat yearly target, rake in US$8.9 billion
Vietnam's seafood exports beat yearly target, rake in US$8.9 billion
BUSINESSicon  08/01/2022 

Thanks to large-scale production in the last months of 2021, the seafood export value for the whole year rose 6% compared to 2021 reaching more than US$8.9 billion.

First US firm orders 100 VinFast electric cars at CES 2022
First US firm orders 100 VinFast electric cars at CES 2022
BUSINESSicon  08/01/2022 

Artemis DNA has become the first US firm to place an order to purchase 100 electric cars of VinFast following the Vietnamese automaker’s new model debut at the technology exhibition CES 2022 in Las Vegas (USA).

Vietnam becomes major manufacturer of Nike sports shoes
Vietnam becomes major manufacturer of Nike sports shoes
BUSINESSicon  08/01/2022 

Vietnam has surpassed China to become the major manufacturer of Nike sports shoes.

Vietnamese banks facing bad debt increases
Vietnamese banks facing bad debt increases
BUSINESSicon  08/01/2022 

Despite the negative impacts of the Covid-19 pandemic, the credit of the country economy in 2021 witnessed an increase of 13 percent compared to last year. The bad news is an unavoidable rise of bad debts in many banks.

Prices escalate, people rush to hunt for land in hot market
Prices escalate, people rush to hunt for land in hot market
FEATUREicon  10/01/2022 

Price escalation is occurring everywhere, from rural to urban areas. People are buying land at surprisingly high prices.

Drug trader, businesswoman, and young PhD pay heavy price for crimes
Drug trader, businesswoman, and young PhD pay heavy price for crimes
FEATUREicon  08/01/2022 

Many well-known businesspeople have ended up in prison.

VIETNAM BUSINESS NEWS JANUARY 8
VIETNAM BUSINESS NEWS JANUARY 8
BUSINESSicon  08/01/2022 

China reopens one more border gate with Vietnam

Solar and wind power: the race among investors
Solar and wind power: the race among investors
FEATUREicon  10/01/2022 

The Feed in Tariff (FIT) incentive helps attract a private investors but there are still bottlenecks that causes them to hesitate to pour money into solar and wind power projects.

Revenue, number of users of e-wallets double
Revenue, number of users of e-wallets double
BUSINESSicon  07/01/2022 

Over the past two years, the pandemic has had a strong impact on digital transformation in general and cashless payments in particular.

Many super-projects in HCM City fail to meet deadlines
Many super-projects in HCM City fail to meet deadlines
FEATUREicon  07/01/2022 

The VND10 trillion tide-prevention project, Subway No 1, Belt Road No 2, and Thu Thiem 2 Bridge are huge projects that have not been completed, even though they kicked off many years ago.

Still plenty of potential for Vietnam's tech companies to tap
Still plenty of potential for Vietnam's tech companies to tap
BUSINESSicon  06/01/2022 

Although Vietnam is placing great emphasis on the technology sector, the growth of technology stocks on the stock market is still modest compared to their potential.

VIETNAM BUSINESS NEWS JANUARY 7
VIETNAM BUSINESS NEWS JANUARY 7
BUSINESSicon  07/01/2022 

Fifth Vietnam Rice Festival underway in Vinh Long

Trade remedies aid Vietnam's sugar industry
Trade remedies aid Vietnam's sugar industry
BUSINESSicon  06/01/2022 

Trade remedies have helped the domestic sugar production industry to recover and farmers to stabilise production, according to experts.

Market capitalisation on HOSE hits nearly 93% of GDP
Market capitalisation on HOSE hits nearly 93% of GDP
BUSINESSicon  06/01/2022 

Market capitalisation on the Ho Chi Minh Stock Exchange (HOSE) rose more than 42% year-on-year to VND5.8 quadrillion (US$254.83 billion) by the end of 2021, accounting for 92.77% of the previous year’s GDP.

35% of outbound tourist firms ask for withdrawal permit
35% of outbound tourist firms ask for withdrawal permit
BUSINESSicon  05/01/2022 

According to the Vietnam National Administration of Tourism, at least 35% of international tour operators have applied to have their licenses revoked, while 90-95% of businesses are closed due to the impact of the Covid-19 pandemic.

Vietnamese billionaires’ assets grow to nearly US$3 billion more in 2021
Vietnamese billionaires’ assets grow to nearly US$3 billion more in 2021
BUSINESSicon  05/01/2022 

The total assets of six Vietnamese billionaires by December 23 reached nearly 20 billion USD, an increase of nearly 3 billion USD compared to figures announced by Forbes at the beginning of the year.

 
 
 
Leave your comment on an article

OR QUICK LOGIN