Việt Nam’s exporters faced a significant increase in the number of trade defence investigation cases this year, on the back of rising protectionism worldwide, according to the Ministry of Industry and Trade.
Việt Nam has initiated 29 trade defence investigations to protect its domestic market and businesses'' interests, thus increasing state budget revenue by approximately VNĐ1.5 trillion (US$60.4 million) a year.
Recently, an influx of imported goods exhibiting signs of being dumped or subsidised has caused significant harm to several domestic manufacturing industries. Fortunately, the implementation of well-considered trade defence measures, in line with international obligations, has not only shielded these...
Trade remedies help re-establish a healthy and fair competitive environment prevent dumping and sales of subsidised goods into Việt Nam by exporting countries.
The Trade Remedies Authority of Việt Nam has provided early warnings for products at risk of being subject to trade defense measures when exported to the US, EU, Mexico and Australia.
Việt Nam should set up an early warning system for trade defence to help support Vietnamese products in foreign markets, said industry leaders and policymakers.
As of late May, the US launched 55 trade defence investigations against Việt Nam, which accounted for nearly 25 per cent of the total number of anti-dumping investigations against Vietnamese exports.
Data from the authority showed that the number of trade remedy cases against Vietnamese export products has increased rapidly in recent years. As of the end of June, Vietnam had faced 231 trade defence lawsuits, including 128 anti-dumping investigations.
Việt Nam''s steel exports have increased in recent years. As a result, the sector has attracted attention from other countries and triggered a number of defence measures from some markets.
The Trade Remedies Authority of Vietnam (TRAV) have warned that Vietnamese products are at risking of falling foul of anti-dumping and trade defence investigations.
As trade protectionism is forecast to grow further around the world in 2021, the Ministry of Industry and Trade (MoIT) is set to step up trade defence measures in accordance with international law and commitments.
Viet Nam is facing an increasing risk of trade defence lawsuits as exports expand after the country''s active international integration and participation in free trade agreements (FTAs).