17:03 | 02/03/2017 Trade
At a consultation session on the free trade agreement with Turkey from February 20-25, 2017, the Vietnamese Ministry of Industry and Trade (MOIT) asked the Turkish side to consider and recognise Vietnam’s market economy and minimise the application of trade defence measures against Vietnamese goods.
The MOIT expressed concern that Turkey’s increasing application of trade defence measures against Vietnam’s export items in recent times has been adversely affecting trade exchange between the two countries.
The Vietnam Competition Authority on February 28 revealed that Turkey has initiated anti-tax avoidance and anti-dumping investigations over partially oriented yarn (POY) imported from a number of countries, including Vietnam.
Accordingly, POY items imported from China, India, Malaysia, Indonesia, Thailand, Chinese Taipei and Vietnam in the period of January 1, 2010 - December 31, 2016 will be put under investigation.
POY is mainly used in texturizing to make textured yarn, also known as Polyester Drawn Textured Yarn (DTY) coded HS 5402.33. Earlier, Turkey decided to impose anti-dumping duty of between 34.81%-72.56% on Vietnam’s polyester yarn coded HS 5402.33.
Turkey is one of Vietnam’s largest trade partners in West Asia. Two-way trade reached US$1.5 billion in 2016, with Vietnam exporting over US$1.33 billion worth of goods and importing approximately US$170 million worth of commodities.
By the end of 2016, Turkey was the 27th largest foreign investor of 116 countries and territories investing in Vietnam, with total registered capital of US$704.3 million. Many Turkish businesses are currently interested in the Vietnamese market and are actively exploring and expanding cooperation with Vietnamese partners.