Vietnam Floats Solutions for Exporters Facing Growing Number of Trade Remedy Investigations
Chu Thang Trung, deputy director of Vietnam's Trade Remedies Authority, said exporting firms should diversify export markets to avoid "putting all their eggs in one basket," and skirt the challenges posed by increasing trade remedy investigations against Vietnamese goods, the state-run CustomsNews reported Aug. 26.
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The publication noted an uptick in the number of trade remedies investigations on Vietnamese goods, emphasizing U.S. anti-circumvention proceedings. The trade remedy investigation trend is hitting certain goods, such as wood and honey, particularly hard, Trung said. As a result, exporting companies should look to different markets across the globe, he said. Exporters also should increase the value-added content of the domestic production chain to develop sustainability and reduce the risk of being investigated by more clearly establishing the country of origin of a given product as Vietnam, Trung said.
Nguyen Thi Thu Trang, who directs the Centre for World Trade Organization and Integration at the Vietnam Chamber of Commerce and Industry, said Vietnam could try to counter the growing tend by challenging trade remedies at the WTO. "It is necessary to strengthen support for enterprises in aspects such as early warning about risks so that enterprises could prepare at the best time," CustomsNews said. "When a lawsuit happened, enterprises should be informed about the progress of the case officially so as not to miss the information."