11:22 | 04/06/2015 Trade
Vietnam has developed an early warning system of anti-dumping cases for 12 goods categories, as released during a conference held on June 3 in Ho Chi Minh City.
According to Trinh Anh Tuan, Deputy Director of the Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade, the system is designed to minimise damages from anti-dumping cases for 12 categories, including aquatic products, rubber, paper, fibre, plastic, garment-textiles, footwear, steel, electronic spare parts, electricity devices and furniture.
The system will update information and the legal regulations of the main export markets in order to alert local businesses about the possibility of anti-dumping cases, Tuan said.
Experts highlighted the significance of the system to local businesses amidst their integration into international economy.
It also strengthens the role of authorities in monitoring foreign trade exchanges and promotion and fosters collaboration between authorities and associations to support businesses, they reiterated.
Nguyen Huu Truong Hung from the Department highlighted the difficulties facing the effected local businesses, saying that they will be subjected to anti-dumping taxes for an extended period of time.
Business representatives also underlined the vulnerability of developing countries, including Vietnam, in the context.
Since 2002, Vietnam has coped with more than 100 anti-dumping lawsuits.
In the first six months this year, Vietnam has faced four cases against prawns, steel, fibre and oil country tubular goods (OCTG) pipes./.