Prime Minister Pham Minh Chinh has already issued a resolution in this regard greenlighting the so-called Project 316 to create and effectively operate this mechanism, as reported here.
The good news was announced during a colloquium on the subject held virtually and in person in this city the day before, where Nguyen Thu Trang, director of the Vietnamese Chamber of Commerce and Industry, emphasized that the early warning system allows us to appreciate this Risks from a distance to prepare in time.
For some markets, he explained, Vietnam still suffers from the “non-market economy” mechanism in trade defense research, which is why, in addition to the difficulties common to all exporters, it also faces obstacles in responding and calculating a number of technical matters.
Thu Trang, quoted by VNA news agency, also said that trade defense cases are a complicated legal and technical process not only in the United States but in all countries.
In this regard, the head of the Vietnam Trade Office in the United States, Do Ngoc Hung, emphasized that this country is the most important and largest buyer market for Vietnamese products, as its imports account for around 30 percent of the total foreign trade transactions of the Indochinese nation.
Ngoc Hung stressed that the number of US trade defense cases filed against Vietnam accounts for about 53 percent of the total number of litigations faced by goods exported from this Southeast Asian country, so the risk of facing such lawsuits is increasing .
Thanks to this system, Vietnamese companies are able to prepare and organize all documents, especially export and import documents, in order to deliver them to the relevant North American authorities in a timely manner in the event of a lawsuit, he estimated.
Experts in this field define trade defense measures as a trade policy tool whose aim is to protect the national industry when it suffers or threatens harm as a result of the importation of a product from a particular country.
When using these instruments, the basic principles of the World Trade Organization agreements that govern them must be respected, although each country can develop its own regulations, which is why it is necessary to know in advance the legislation in this regard.
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