Viet Nam is eager to learn from Australia about trade remedies as the country is a relative newcomer to the field.
That was the remark made by Trinh Anh Tuan, General Director of the Trade Remedies Authority of Viet Nam, at the workshop 'Introduction of Vietnam's and Australia's trade remedy systems for importers and exporters' held in Ha Noi on Wednesday.
Tuan said Viet Nam did not have much experience in trade remedies because it was not until 2015 that the country began to conduct trade defence investigations to counteract unfair commercial practices.
Meanwhile, Australia has been around a lot longer with more than 400 investigations since 1995, having much experience to share in this regard.
"Viet Nam appreciates every single opportunity to learn from trade-savvy countries, such as Australia," said Tuan.
The general director also revealed that Vietnamese exporters had been subject to 231 investigations to date, of which Australia initiated 18. Those incidents caused severe financial damages to the companies involved.
He said the growing entry of foreign goods into Vietnamese markets, which was facilitated by the country's favourable trade policy and the removal of trade barriers under FTAs, had exposed the need for more trade measures to control the commercial flow and prevent unfair practices.
Andrew Goledzinowski, Australia's Ambassador to Viet Nam, said the bilateral relationship had made significant progress over the past years, with close economic ties at its heart.
He said Viet Nam's steady growth after the COVID-19 pandemic had been a testament to its effort in restructuring the economy in the light of the Fourth Industrial Revolution.
The year 2023 would mark the 50th anniversary of the Viet Nam-Australia diplomatic relationship, which is an opportunity for both countries to bring the economic tie to a new height.
It is also worth noting that Viet Nam and Australia both have been admitted to three shared FTAs, namely the ASEAN-Australia-New Zealand Free Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and the Regional Comprehensive Economic Partnership.
Viet Nam remains the 10th largest trade partners of Austrlia while Australia the 7th largest to Viet Nam. In 2022, bilateral trade hit US$15.7 billion, up 27 per cent year by year. — VNS