Illustrative image (Source: tapchitaichinh.vn)
 
Hanoi (VNA) - Minister of Industry and Trade (MoIT) Tran Tuan Anh said the ministry planned to establish a trade defence department to safeguard the interests of businesses in the context of global integration.

Accordingly, the department would help the minister implement State management functions on trade defence, contributing to launching legal regulations on the issue effectively.

The department would undertake responsibilities in cooperating with relevant agencies to implement regulations on anti-dumping, anti-subsidies and to apply defence measures to imported goods into Vietnam.

The department would also organise investigations on imports from countries into Vietnam to propose application of anti-dumping measures under the current laws and regulations.

In addition, the department would chair and cooperate with associations and businesses in response to lawsuits on anti-dumping, anti-subsidies and defence imposed by foreign partners on Vietnamese exports. It would resolve disputes at WTO relating to the above mentioned issues.

The minister said the establishment of a department specialising in trade defence was necessary in the context of global integration to response to unexpected changes in international trade and the region.

Most counties, such as the US, European Union nations, the Republic of Korea and Japan, have a special agency dealing with such issues under the management of the ministry of trade, ministry of economics or ministry of industry and trade.

He said the ministry has been strategising on the Law on Foreign Trade Management to form solutions to implement integration strategies. All issues related to anti-dumping, anti-subsidies and defence would be listed in a chapter. The draft law is expected to be submitted to the National Assembly for approval in the upcoming session.

By the end of October 2016, the total number of investigations on anti-dumping, anti-subsidies and defence on Vietnamese exported products was 104, of which the number of anti-dumping investigations was 66, accounting for 63 percent of the total.

Vietnam conducted nine investigations on anti-dumping and anti-subsidies on imported goods into the country based on the requirements of local producers, so far. In particular, the number of investigations on trade defence has been on the rise. In the 2015-16 period, the ministry carried out six investigations on the issue.

Vietnam’s businesses and sectors are faced with fierce competition from imported goods, including unhealthy competition, as the country has implemented tariff reduction and removal according to trade integration commitments.

One of the tools to ensure legal rights and benefits to domestic producers against pressure of imported goods was anti-dumping, anti-subsidies and defence, he added.-VNA