return icon Vietnamnet.vn

Vietnamese goods face tough road to foreign markets due to trade remedies

With an array of free trade agreements (FTAs) inked and coming into force, countries around the world have also increased technical barriers to protect their domestic industries,

exposing many Vietnamese businesses to the risk of losing markets if they lack thorough preparations.

{keywords}

A steel factory in Vietnam (Source: www.sggp.org.vn)

 

 

Vietnamese exports are currently facing more than 170 trade remedy lawsuits in many countries and territories, with 80 percent related to the steel sector, according to the Trade Remedies Authority of Vietnam (TRAV) at the Ministry of Industry and Trade (MoIT).

The Vietnam Steel Association said Southeast Asia is the destination of 60 percent of total steel exports, while other markets include Europe, the US, Australia, and the Eurasian Economic Union (EAEU). However, export opportunities are at risk of being narrowed as a number of major markets, like the US, the EU, Australia, some ASEAN countries, and the EAEU, have launched lawsuits against Vietnamese goods.

For example, in December 2019 the US Department of Commerce imposed duties of up to 456 percent on certain corrosion-resistant steel products and cold-rolled steel processed in Vietnam using materials from the Republic of Korea (RoK) and Taiwan (China).

The Australian Anti-Dumping Commission recently initiated anti-dumping and anti-subsidy probes into several aluminium-zinc coated steel products from Vietnam and elsewhere.

Earlier, after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was signed, many steel producers boosted exports to Canada, which is also a member of the deal. In response, the Canadian Government immediately carried out an investigation into Vietnamese steel.

According to the Canada Border Services Agency’s preliminary conclusions, corrosion-resistant steel from Vietnam was dumped at margins of between 36.3 percent and 91.8 percent, and corresponding temporary duties will be imposed.

Apart from steel, Vietnamese products such as car bodies, lawn mowers, foam mattress, polyester spun yarn, and 6mm-thick MDF board are also at risk from safeguard measures being imposed in many markets, mainly the US, the RoK, India, Indonesia, Australia, and Thailand.

TRAV said that in order to protect Vietnamese products, the MoIT has swiftly assisted businesses subject to such investigations to complete the necessary paperwork for submission to foreign agencies. It has also sent documents to those countries expressing concern about their probes into Vietnamese exports.

To help reduce the risks posed by such trade remedy barriers, the ministry has submitted a draft plan on building and operating an early warning system for trade remedies to the Government, the authority noted, adding that actions in the initial stage of investigations are critical to minimising any adverse impact on exporters.

It also suggested businesses proactively reform their production processes and ensure product origin is transparent, considering the use of locally-sourced materials as a guarantee for their exports.

Economic experts said that as market developments will remain complicated in the time ahead, enterprises and their associations need to work closely with ministries and sectors to deal with trade remedy lawsuits and, more importantly, prevent origin fraud by foreign goods.

To help protect domestic firms, the MoIT will also carry out trade remedy inspections against imported goods.

For example, it applied official anti-dumping duties, with 23.71 percent being the highest, on certain products with biaxially oriented polypropylene (BOPP) film originating from China, Thailand, and Malaysia on July 20. Earlier, it received a request for an anti-dumping probe into H-shaped steel products from Malaysia./. VNA

Vietnam to help local firms cope with trade remedies

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.  

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