Vietnam steps up measures against trade remedy circumvention

Hanoi (VNA) – 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.

The move is important for the country to take full advantage of the international commitments, sustainably develop exports, and protect the rights of local firms, particularly when Vietnam is deeply integrating into the global economy by joining various free trade deals.

Under the project, Vietnam will enhance state management for import-export activities 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-export situation with large trade partners to give warning on trade-remedies-related lawsuits as well as help businesses, particularly small- and medium-sized enterprises, to respond to legal proceedings.

Furthermore, they will diversify market destinations to reduce independence on a single market, thus alleviating negative impacts when being slapped with measures against trade remedy circumvention.-VNA