Steel products of VNSTEEL. Việt Nam’s export products are facing 252 trade defence lawsuits from 24 markets as of June. — VNA/VNS Photo Tuấn Anh

Việt Nam’s export products are facing 252 trade defence lawsuits from 24 markets as of June, according to the Ministry of Industry and Trade.

Those include 138 anti-dumping investigations, 50 self-defence cases, 37 anti-evasion of trade remedies and 27 anti-subsidy cases.

The ministry said that the list of products facing risks of trade investigations has been updated, together with early warning alerts in order to help several export products avoid high trade defence duties and to retain and expand export markets.

The ministry has also initiated investigations into 28 cases and imposed 22 trade defence instruments on import products.

The ministry said that major export products to large markets such as the US and EU might face pressure from investigations and technical barriers related to environment, sustainable development and green transition in the second half of this year.

Thus, the focus will be on enhancing trade defence capabilities and improving the legal framework to protect the legitimate rights of the domestic manufacturing industries.

In addition, early warnings will be delivered to companies in order for them to keep a close watch on market developments and changes in policies in export markets.

The ministry’s statistics showed that Việt Nam’s imports and exports totalled US$190 billion in the first half of this year, rising by nearly 15 per cent over the same period last year.

There are 29 products with export revenue of $1 billion or higher in the period, which together account for 91 per cent of the country’s total export revenues, among those, seven products earnt revenues over $5 billion.

The US remains the largest export market of Việt Nam with a value of more than $54 billion, up 22 per cent, followed by China with an export revenue of nearly $28 billion, up 5 per cent, the EU $24 billion, up 14 per cent and the Republic of Korea $12 billion, up 10 per cent. — VNS