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.
Hanoi (VNA) - A workshop was held in Hanoi on October 27 todiscuss t🥃rade remedies - a tool to protect the interests of domestic production industries amid Vietnam’s ongoing integration into the world economy.
Addressing the workshop, Director of the Vietnam Chamber of Commerce andIndustry (VCCI)’s Centre for World Trade Organisation and Economic Integration,Nguyen Thi Thu Trang, said that with 13 existing free trade agreements (FTAs), inparticular the EU-Vietnam FTA (EVFTA), Vietnam is opening up its market to goodsfrom 51 partner countries. Substantial imports, however, are likely to cause significant damage to thelong-term interests of a number of domestic industries. The workshop aimed at equipping businesses and associations with the skillsneeded to use trade defence instruments and to provide a venue for them tooffer their opinions on the new legal framework for the field, such as the draftscheme on improving trade defence capacity and the draft circular on theimplementation of the EVFTA, along with detailed guidelines on the process offiling complaints and joining in trade defence lawsuits, she said. Director of the Ministry of Industry and Trade’s Trade RemediesAuthority, Le Trieu Dung, said trade defence instruments play a significantrole in protecting the legitimate rights and interests of Vietnamese goods aswell as manufacturing industries. He introduced the draft circular guiding the implementation of the EVFTAon trade defence, saying that it applies trade remedies in the transitionalperiod as well as anti-dumping and anti-subsidy measures./.
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Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Illustrative image (Photo: VNA) 
