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Steel is among Vietnamese products that the US launches trade defence investigations against. (Photo: VNA)
Hung described the US as the world's largest importer, with an annual value exceeding 3 trillion USD. Statistics from the US International Trade Commission (USITC) showed that in the first half of this year, the US ran a trade surplus of around 500 billion USD, proving that it is highly attractive and a target of exporters worldwide. However, the US market is also very demanding, with stringent requirements and high standards for many goods.
He noted that in order to reduce its trade surplus, the US has, and will continue to apply more trade defence measures.
As of late May, the US launched 55 trade defence investigations against Vietnam, which accounted for nearly 25% of the total number of anti-dumping investigations against Vietnamese exports. The investigations covered a wide range of products, from Vietnam’s key currency earners such as steel, wood, aquatic products, apparel, tires, high-pressure washers, to items of smaller export value like honey, grass trimmers, foam mattresses, and woven bags, he said.
According to him, the US Department of Commerce (DOC) has proposed amendments and supplements to several provisions on anti-dumping and anti-subsidy investigations, with a focus on labour-related policies and increased competition against unfair practices from imported goods.
To protect the legitimate interests of businesses and maintain a balanced, sustainable trade relationship between Vietnam and the US, various discussions and negotiations have taken place between leaders of the Vietnamese Ministry of Industry and Trade (MoIT) and the US side, such as the Office of the US Trade Representative (USTR) and the DOC.
The MoIT suggested the DOC conduct investigations with objectivity and fairness, providing the Vietnamese exporters with sufficient time to explain and supply information to investigating authorities for verification. In cases the DOC decides to apply anti-circumvention measures, Vietnam proposed that the US adopt a simple and convenient mechanism for Vietnamese manufacturers and exporters to confirm their compliance with anti-dumping measures, thus preventing additional burden on Vietnamese exporters.
In the current context, Hung said Vietnam needs to make the best use of resources from the Government and businesses, closely monitor the situation, deal with issues flexibly and decisively to protect its interests in the world's largest market.
He suggested that Vietnamese firms should equip themselves with knowledge about legal regulations on trade defence measures of the World Trade Organisation (WTO) and the US in particular, adding that the MoIT also regularly holds workshops and training sessions on trade defence topics.
It is also essential to establish relationships, and join and collaborate with relevant associations in the US, in order to gain additional information and enhance exchanges. This could help avoid situations that US businesses initiate lawsuits against Vietnamese companies, he said./.VNA
To protect the legitimate interests of businesses and maintain a balanced, sustainable trade relationship between Vietnam and the US, various discussions and negotiations have taken place between leaders of the Vietnamese Ministry of Industry and Trade (MoIT) and the US side, such as the Office of the US Trade Representative (USTR) and the DOC.
The MoIT suggested the DOC conduct investigations with objectivity and fairness, providing the Vietnamese exporters with sufficient time to explain and supply information to investigating authorities for verification. In cases the DOC decides to apply anti-circumvention measures, Vietnam proposed that the US adopt a simple and convenient mechanism for Vietnamese manufacturers and exporters to confirm their compliance with anti-dumping measures, thus preventing additional burden on Vietnamese exporters.
In the current context, Hung said Vietnam needs to make the best use of resources from the Government and businesses, closely monitor the situation, deal with issues flexibly and decisively to protect its interests in the world's largest market.
He suggested that Vietnamese firms should equip themselves with knowledge about legal regulations on trade defence measures of the World Trade Organisation (WTO) and the US in particular, adding that the MoIT also regularly holds workshops and training sessions on trade defence topics.
It is also essential to establish relationships, and join and collaborate with relevant associations in the US, in order to gain additional information and enhance exchanges. This could help avoid situations that US businesses initiate lawsuits against Vietnamese companies, he said./.VNA
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