Steel production has transformed significantly thanks to active participation from private enterprises, which have invested big in advanced production technologies and completed steel manufacturing lines with high-capacity plants, resulting in diverse and high-quality products.
Vietnam has always proactively applied and responded to trade defence measures (TMFs) in international trade to prevent negative impacts of massive imports, unfair competition and protect domestic manufacturing industries.
The Ministry of Industry and Trade has provided early warnings for 18 export products originating from Vietnam which are facing a high risk of being investigated for trade defence measures, origin fraud and illegal transshipment.
The US’s increased trade defence measures on imports in general and Vietnamese goods in particular has made it increasingly hard to export to this market, according to Counsellor and head of the Vietnam Trade Office in the US Do Ngoc Hung.
The UK is set to recognise that Vietnam’s industries are operating in a market economy and will not impose unfavourable rules should they be investigated under trade defence measures, according to the Trade Remedies Authority of Vietnam.
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.
The Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade has sent a consultation letter to the Philippines’ Department of Trade and Industry asking it to exclude Vietnam from three safeguard investigations on some steel products.
The Ministry of Industry and Trade (MoIT) is planning to increase the number of training courses on trade remedies for the domestic production industry.
As Vietnam joins more international trade agreements, dealing with and overcoming trade defence measures has become a top priority for Vietnamese businesses.
Prime Minister Nguyen Xuan Phuc has urged trade counsellors to proactively assist domestic businesses by providing information about foreign markets, promoting trade and investment activities, and increasing sale of Vietnamese products abroad.
The imposition of temporary safeguard duties on DAP and MAP fertiliser imports into Vietnam, which came into effect on August 19, is an effort to help protect the domestic fertiliser industry but might push up production costs for farmers.
