Vietnam enhances trade remedy capacity in anticipation of EVFTA

Update: 17:10 | 03/06/2020
The EU-Vietnam Free Trade Agreement (EVFTA) is awaiting approval of the Vietnamese National Assembly, which marks Vietnam’s great strides in international economic integration.
TIN LIÊN QUAN
vietnam enhances trade remedy capacity in anticipation of evfta Rice exports to EU anticipated to make breakthroughs through EVFTA
vietnam enhances trade remedy capacity in anticipation of evfta EVFTA to help Vietnam develop into a global manufacturing hub
vietnam enhances trade remedy capacity in anticipation of evfta
Illustrative image.

Including the EVFTA, Vietnam has engaged in 14 FTAs, according to the Ministry of Industry and Trade. With such an extensive and intensive engagement in FTAs, trade remedy measures are crucial to the national economy as well as enterprises, as they are legal and effective tools to support domestic producers compete with rising imports.

The EVFTA includes articles stipulating the use of traditional trade remedy tools in the World Trade Organisation (WTO), along with regulations on the imposition of lower anti-dumping and anti-subsidy tariffs, which are not compulsory in the WTO.

It is noteworthy that under the agreement, the two sides will not levy anti-dumping and anti-subsidy measures if the imposition brings no benefits to the public.

To ensure that tax reductions cause no shocks to domestic production, the deal also stipulates bilateral trade remedy mechanisms within a transitional period of 10 years.

Read more
vietnam enhances trade remedy capacity in anticipation of evfta Rice exports to EU anticipated making breakthroughs through EVFTA

Aware of the need to strengthen trade remedy capacity while joining new-generation FTAs, the MoIT has made active preparations like perfecting the investigation apparatus, with the establishment of the Trade Remedies Authority of Vietnam in August 2017.

At the same time, Vietnam has completed legal foundations for the investigation and settlement of trade defense cases.

The ministry is expected to issue a circular guiding the imposition of trade remedy measures in accordance with the EVFTA while stepping up the communication work to popularise trade remedy laws in general and relevant regulations under the EVFTA in particular.

Other measures taken by the ministry include training and legal assistance to enterprises and building inter-sectoral and inter-ministerial coordination mechanisms.

It is also implementing a project on the early warning system for trade remedies, along with enhancing State management on the prevention of trade remedy evasion and origin fraud in international trade.

Coordination and information-sharing mechanisms between authorized agencies of Vietnam and the EU have also been established to deal with trade remedy cases.

vietnam enhances trade remedy capacity in anticipation of evfta Hoa Phat to export 120,000 tonnes of steel billets to China

Steelmaker Hoa Phat has signed a contract to sell 120,000 tonnes of steel billets, worth over 1 trillion VND (nearly 43 million USD), to China’s ...

vietnam enhances trade remedy capacity in anticipation of evfta Wood exports grow thanks to businesses’ activeness to trade online and explore new markets

Despite the COVID-19 pandemic’s impact, the wood industry still enjoyed 3.2 billion USD in exports in the first four months of 2020, up 6 percent ...

vietnam enhances trade remedy capacity in anticipation of evfta HCM City gets ready for new foreign investment wave post-COVID-19

Vietnam and Ho Chi Minh City in particular have remained appealing to foreign investors who are continuing to pour capital into the southern economic hub ...

(Source: VNA)