Ministry helps enterprises effectively deal with trade remedies
The Ministry of Industry and Trade (MoIT) will continue to coordinate with relevant ministries and sectors in supporting businesses to minimise impacts of trade remedies which may have an detrimental effect on Vietnam’s export activities.
Wood processing at a company in Lam Dong province - Illustrative image (Photo: VNA)
Hanoi (VNA) - TheMinistry of Industry and Trade (MoIT) will continue to coordinate with relevantministries and sectors in supporting businesses to minimise impacts of traderemedies which may have an detrimental effect on Vietnam’s export activities.
Accordingly, communication, training and legal knowledgedissemination activities will be enhanced to help business associations andenterprises improve their skills in handing foreign trade remedy investigationcases.
The MoIT said that the larger the exporting economies, the more susceptiblethey are to trade remedies, which the World Trade Organisation (WTO) allows itsmember countries to use to protect domestic industries against acts of unfaircompetition of imported goods.
With the Party's sound policies on international economicintegration, export has become an important driver of thenational economic growth. Vietnam's export turnover increased by 11.7percent each year on average in the period 2016-2020, hitting 281.5 billion USD in 2020, and 336billion USD in 2021.
With these results, Vietnam has become one of the 20 economies with the largesttrade scale in the world. The Southeast Asian nation’s export goods are alsofacing more and more foreign trade defence investigation and application cases.
As of April 2022, Vietnam had faced 212cases of trade remedy investigation in foreign countries.
Supporting enterprises in handling foreigntrade remedy investigation cases has been institutionalised in the Law on Foreign TradeManagement and concretised in a number ofprojects approved by the Prime Minister.
Thanks to efforts made by the Government, the businesscommunity's awareness of trade remedy is gradually being enhanced.
In some cases, the MoIT coordinated with related ministries and sectors to directlyprovide information at the request of foreign investigation agencies so that theycan better understand policies and regulations of Vietnam and avoid drawingunfavorable conclusions for Vietnamese enterprises based on unbiased andinaccurate accusations.
The Vietnamese authorities’ support in handling foreign trade remedyinvestigation cases have proven effective.
In many cases, Vietnam has succeeded in proving that the Government does notsubsidise or interfere in the market to create unfair advantages for exporters./.
A workshop was held in Hanoi on October 27 to discuss trade remedies - a tool to protect the interests of domestic production industries amid Vietnam’s ongoing integration into the world economy.
The Ministry of Industry and Trade (MoIT) is set to bolster action while Vietnamese enterprises have been recommended to gear up preparations as more trade remedy investigations are expected in 2021.
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Wood processing at a company in Lam Dong province - Illustrative image (Photo: VNA) 
