return icon Vietnamnet.vn

Vietnam to help local firms cope with trade remedies

The Vietnamese Ministry of Industry and Trade (MoIT) is planning to increase the number of training courses it organises on trade remedies for the domestic production industry.

 

 

Aquatic products being processed for exports at Ba Ria Vung Tau Seafood Processing Import Export Co. 

 

 

The idea is to improve the ability of domestic producers to cope with the application of trade defence measures on the global market.

At the same time, the ministry will also provide information about current trade remedies for domestic associations and production industries. This will include guidance on using or dealing with trade remedies for key industries such as steel, wood, seafood, chemicals, textiles and support industries.

The ministry will also build an electronic portal to provide early warnings about trade remedies, while looking at how these industries deal with trade remedy lawsuits.

In addition, it will simplify the implementation of regulations on trade remedies to help Viet Nam join the EU-Viet Nam free trade agreement (EVFTA).

The implementation of these solutions in the coming years is expected to help domestic production industries and enterprises, especially small and medium sized ones, to have clear information about trade remedies so they can improve the efficiency of their international economic integration.

Le Trieu Dung, general director of the Ministry of Trade and Industry’s Trade Remedies Authority of Viet Nam, said for FTAs with very high tariff reduction levels such as the EVFTA, there would certainly be high competitive pressure and challenges for Vietnamese enterprises.

Most trade remedies in the EVFTA are based on the World Trade Organisation (WTO) rules.

In addition, the EVFTA included principles that suited Viet Nam's legal system. That would help Viet Nam's production industries and businesses to adopt legal trade remedy tools and ensure economic efficiency when the country joined the EVFTA, Dung said,

“Vietnamese businesses need to have clear knowledge about the commitments and provisions on trade remedies in the EVFTA to take advantage of opportunities and benefits from the agreement and to protect their interests,” Dung told Thoi bao Tai chinh (Financial Times) newspaper.

In addition, they needed to regularly monitor and study early warnings for trade remedies to take suitable actions to deal with them, he said.

According to the Ministry of Industry and Trade, some sectors with large export volumes such as agricultural products, fisheries, textiles, footwear, iron and steel may be at higher risk of facing trade remedies.

Trade remedies such as anti-dumping, anti-subsidy and safeguarding measures are important legal tools that protect local industries and enterprises, especially when tariff barriers are removed under international commitments. — VNS

Trade defence instruments important to Vietnam’s open economy

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.  

Vietnam’s efforts to improve international trade policy

Vietnam’s efforts to improve international trade policy

Executive Vice President of the Japan External Trade Organisation (JETRO) Hironobu Kitagawa, who was once JETRO’s Chief Representative in VN, speaks about the country’s efforts to improve its international trade policies.

MORE NEWS

Chief of Staff of Japan Air Self-Defence Force visits Vietnam

Deputy Minister of National Defense and Chief of the General Staff of the Vietnam People’s Army Sen. Lieut. Gen. Nguyen Tan Cuong received Izutsu Shunji, Chief of Staff of Japan Air Self-Defence Force, in Hanoi on June 28.

19 foreign airlines to run routes to Da Nang over coming months

Up to 19 foreign airlines are set to operate international routes both to and from Da Nang City of Vietnam between July 1 and October 29, according to the city’s authorities on June 28.

Noi Bai Airport overwhelmed by rising passenger numbers

The number of passengers passing through Noi Bai International Airport in Hanoi has reached a record number, exceeding the airport’s design capacity.

Aviation industry forecast to fully recover in 2025

It is not until 2025 that the local aviation sector can fully recover due to rising fuel prices and the slower-than-expected reopening of international markets, according to domestic airlines.

VIETNAM NEWS HEADLINES JUNE 28

Hanoi airport faces serious congestion during summer peak

Hanoi and Hoi An among Top 25 Overall Experiences in Asia

Motorbike tours around Hanoi and cooking classes in Hoi An have made it into the Top 25 Overall Experiences in Asia, as voted on by readers of TripAdvisor.

Vietnam, Hungary seal judicial cooperation deal for 2022-2023

Vietnamese Minister of Justice Le Thanh Long and his Hungarian counterpart Judit Varga on June 27 signed a cooperation programme between the two ministries for the 2022-2023 period.

India conglomerate pledges to invest 10 billion USD in Vietnam

A joint venture between India’s Adani Group and Vietnam’s Anh Phat Investment Construction & Trading JSC has been approved by authorities of Da Nang to start studying the development of a major seaport in the central city.

VIETNAM BUSINESS NEWS JUNE 28

Govt approves appointment of contractors for North-South expy project

HCM City hi-tech park to speed up investment procedures

HCM City will focus on helping businesses invest in the Saigon Hi-tech Park in Thu Duc City by addressing slow administrative procedures, a conference on facilitating investment heard on June 27.

Korea, Vietnam to mark 30th anniversary of relations with cultural events

The Korea Content Creation Agency in Vietnam will organise a series of cultural-entertainment events this year to commemorate the 30th anniversary of the establishment of diplomatic relations between the two countries.

HCM City to promote AI in education sector

HCM City will need to promote the application of Artificial Intelligence (AI) in the education sector as part of its effort to become a smart city by 2030, experts said.

Additionally-registered and share-purchased FDI soars sharply in first half of 2022

Despite newly-registered FDI dropping in the first half of the year, additionally-registered and share-purchased investments increased significantly on-year.

Vietnam joins hands with France to renovate Hanoi’s Long Bien bridge

Vietnamese and French experts will join hands to renovate Hanoi City’s deteriorating Long Bien Bridge in the coming months.

Lessons learned from urban railway projects

The urban railway projects that have been and are under construction are all behind schedule, so the total investment must be adjusted.
back_to_top