Sugar bags are loaded into a warehouse of the Cao Bang sugar refinery in Cao Bang province (Photo: VNA) Le Trieu Dung, Director of the MoIT’s TradeRemedies Authority of Vietnam (TRAV), said the ministry will accelerate currenttrade remedy probes into imports so as to take timely action to protectdomestic manufacturers.
An early warning system on trade remedy risksfor certain exports will be completed this year so that enterprises can gearthemselves up early.
Additionally, MoIT will coordinate with relevantagencies to boost action against origin fraud and illegal transhipments aimedat evading trade remedies, while working to improve the trade remedy-relatedcapacity of domestic businesses and State agencies, Dung said.
Since becoming a member of the WTO and freetrade agreements (FTAs), Vietnam has opened its market and slashed importtariffs on a large number of goods, exposing its businesses to strongcompetition from imports.
Trade defence measures, which are policy toolspermitted by the WTO, he said, have an important role to play in ensuringeffective economic integration and minimising its adverse impact on businesses.
Between 2016 and 2020, MoIT launched 13 traderemedy investigations into imported commodities such as DAP fertiliser,monosodium glutamate (MSG), steel, and BOPP film.
Remedies applied so far have proved effective inaddressing losses caused by surges of imports and protecting domesticproducers, according to Dung.
He pointed out that State agencies and someenterprises have worked to promote their trade remedy-related capacity, butmany shortcomings remain, so a new policy and legal framework that matchesprovisions in the FTAs Vietnam has joined is needed.
The issue of trade defence is stipulated inChapter 5 of the Law on Foreign Trade Management, but one chapter cannot provideall detailed regulations. This has led to certain limits in the investigationand implementation of trade defence measures.
New issues frequently emerge in the field, whichalso require that relevant State agencies and businesses have in-depthknowledge about law and finance. The complex developments of COVID-19 last yearalso hampered support to enterprises, he acknowledged.
Meanwhile, trade remedy probes targetingVietnamese exports in foreign markets also increased considerably in 2020 andare projected to rise even higher this year.
Given this, he said, MoIT has recommended localbusinesses equip themselves with knowledge on trade remedy regulations,particularly those of Vietnam and export markets, while readying resources tocope with possible foreign trade remedies.
They should also keep a close watch on theimport of related products so as to detect any signs of dumping or subsidies ina timely manner and prevent losses for domestic manufacturers./.
VNA
