Vietnam to help domestic firms cope with trade remedies

01 Jun '20

2 min read

Pic: Shutterstock

Vietnam’s ministry of industry and trade (MoIT) is planning to increase the number of training courses on trade remedies for domestic players in key sectors like textiles, steel, wood, seafood, chemicals, and support industries. The aim is to improve the ability of domestic producers to cope with the application of trade defence measures in the global market.

Trade remedies such as anti-dumping, anti-subsidy and safeguarding measures are important legal tools that protect local industries and enterprises, especially when tariff barriers are removed under international commitments.

The ministry will also build a portal to provide early warning about trade remedies, while looking at how these industries deal with trade remedy lawsuits, according to a report in a Vietnamese news agency.

In addition, it will simplify the implementation of regulations on trade remedies to help Vietnam join the EU-Vietnam Free Trade Agreement (EVFTA).

The implementation of these solutions in the coming years is expected to help domestic production industries and enterprises, especially small and medium ones, to have clear information about trade remedies so they can improve the efficiency of their international economic integration.

MOIT feels some sectors with large export volumes may be at higher risk of facing trade remedies.

Fibre2Fashion News Desk (DS)

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