MoIT acts to protect local produce

Tuesday, Sep 24, 2013 06:59

Vegetable oil being produced at a Cai Lan Oils and Fats Industries Co factory in northern Quang Ninh Province. Domestic enterprises are urged to join forces to apply trade defence measures. — VNA/VNS Photo Danh Lam

HA NOI (Biz Hub)— Domestic enterprises should join forces to apply trade defence measures, according to Dinh Thi My Loan, chairwoman of the Advisory Council on International Trade Remedies under the Viet Nam Chamber of Commerce and Industry.

The Ministry of Industry and Trade imposed a 5 per cent anti-dumping tax on imported vegetable oil, including refined soya and palm oil on September 7 in a pioneering move to protect local producers from unhealthy competition from imported products.

According to the director of the Ministry's Competition Authority, Bach Van Mung, the ministry's decision on imported vegetable oil followed an investigation which found that imports were damaging domestic producers in market share, output, profits and labour.

A representative from BigC Supermarket said that the impact of the import tax on vegetable oil would not be huge because domestic production could meet most local demand.

Experts said that Vietnamese enterprises needed to prepare carefully for potential trade lawsuits that could have negative impacts on Vietnamese enterprises.

The Viet Nam Competition Authority is also examining a proposal from domestic steel producers to apply anti-dumping tax on stainless steel products imported from China, Taiwan, Malaysia and Indonesia. — VNS

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