13:28 | 16/06/2018 Trade
(VEN) - The number of anti-dumping and anti-subsidy lawsuits by the US has doubled under the current administration, exposing imports from Vietnam and other countries to new challenges, deputy director of the Ministry of Industry and Trade’s Trade Remedies Authority Chu Thang Trung said recently. He spoke at the Vietnam-US Trade Forum held on May 18 in Ho Chi Minh City.
“Not only products with high export volumes but even minor items face these lawsuits,” he told more than 300 delegates, including government officials, local leaders, and Vietnamese and US business executives.
Deputy Minister of Industry and Trade Do Thang Hai said trade between the two countries had risen from US$220 million in 1994 (the year the US lifted its economic embargo against Vietnam) to US$50.81 billion last year, making the US Vietnam’s leading trade partner in the past decade. The two economies are complementary rather than competing.
However Vietnam’s exports to the US are facing difficulties, not only from protectionist measures but also due to strict import regulations. In addition to the federal law, each state has different rules and regulations. In particular, the US completed and published the 2018 Trade Policy Agenda along with the National Security Strategy. Accordingly, many trade deals will soon be under renegotiation. Experts said the changes in US trade policy will have a big impact on the export of many Vietnam’s key items, and it will be not an easy task to maintain current export turnover or boost exports to the US, Do Thang Hai said.
Businesses need to be active
Frederick Burke, managing partner for Vietnam at the American law firm Baker & McKenzie, said Vietnamese businesses should diversify their products, as the US is a large market catering to many population segments. Vietnam had inked agreements on the avoidance of double taxation and the prevention of income tax evasion with 75 countries and territories worldwide, including the US. In addition, businesses should pay attention to fair trade issues, and understand policies and regulations of export goods to organize production and promote exports in an appropriate manner.
The government and associations should work closely with businesses to participate in administrative reviews in order to prove that Vietnamese goods are not dumping.