Vietnam steps up measures against trade remedy circumvention
The Prime Minister has recently given green light to the project on strengthening State management over the circumvention of trade remedies, and fraudulent acts of origins.
Steel production in Thai Nguyen province
The move is important for the country to take full advantage of theinternational commitments, sustainably develop exports, and protect the rightsof local firms, particularly when Vietnam is deeply integrating into the globaleconomy by joining various free trade deals.
Under the project, Vietnam will enhance state management for import-exportactivities and foreign investment, raise public awareness of regulations,complete legal documents on trade remedies, product origins and customs procedures,and mete out strict punishment to any violation.
To that end, competent agencies will keep a close watch on the import-exportsituation with large trade partners to give warning on trade-remedies-relatedlawsuits as well as help businesses, particularly small- and medium-sizedenterprises, to respond to legal proceedings.
Furthermore, they will diversify market destinations to reduce independence ona single market, thus alleviating negative impacts when being slapped withmeasures against trade remedy circumvention.-VNA