Vietnam plans to develop an early warning system for trade defence by 2025, aiming to promote sustainable exports.
Vietnamese steel faced a number of trade defence investigations. Viet Nam plans to develop an early warning system for trade defence by 2020, aiming to promote sustainable exports. — Photo petrotimes.vn
The goal was approved by Prime Minister Nguyen Xuan Phuc on Sunday.
Accordingly, by 2025, an information technology infrastructure system, analysis software and an e-portal would be completed to effectively operate the early warning system and to calculate dumping margins and analyse damages.
The early warning system would provide support to investigators and relevant agencies in the investigation and handling of trade defence cases in domestic and foreign markets, as well as handling disputes at the World Trade Organisation.
The system would contribute to protecting domestic production while actively avoiding and coping with trade defence lawsuits filed by foreign countries towards promoting sustainable exports.
The project will upgrade the database of imported products under investigation by Viet Nam or imposed trade defence measures, products likely to avoiding trade defence measures, and products which witnessed sudden increases in imports and could cause damage to domestic production.
This would help to enhance the investigation capacity and the efficiency of applying trade defence instruments.
Within the project’s framework, training would be provided to 1,000 employees working in the fields related to trade defence to improve the capacity of providing warnings and support to businesses.
To efficiently operate the early warning system and minimise negative impacts from the international integration process, Viet Nam would invest in the IT infrastructure system and complete the database of trade figures with major partners.
International cooperation would be boosted towards protecting legitimate rights of Vietnamese firms in import and export activities and closely watching compliance with international commitments of bilateral and multi-lateral trade agreements of domestic firms.
According to statistics by the Viet Nam Chamber of Commerce and Industry’s WTO Centre, there were 156 trade defence investigation cases initiated by 19 countries and territories on Viet Nam’s export products as of the end of 2019. In comparison, Viet Nam initiated 16 cases on imported products. — VNS
The Ministry of Industry and Trade (MoIT) confirmed that the goods reserves are still plentiful to ensure adequate supply for people.
Vietnam reported an estimated trade deficit of US$176 million in the first two months of the year, according to the General Statistics Office of Vietnam (GSO).