Trade Restrictions to Hit Exporters
Jul. 20 – Vietnamese exporters may face tougher restrictions this year as countries employ trade remedies to address anti-dumping and countervailing issues on items produced by importing countries according to trade experts.
Vietnam’s top export goods like garments, steel, woodwork and handicrafts are at risk when stricter import regulations are imposed.
“In addition to remedies relating to product quality, subsidies to export industrial products, and food hygiene, regulations on goods’ origin and environmental standards are increasing and getting stricter,” said Phan The Rue, the former industry and trade deputy minister.
The Vietnam Chamber of Commerce and Industry reports that Vietnamese commodities were subject to 42 investigations into anti-dumping cases and trade remedies last year.
Vietnamese exports to the E.U. may also risk of being penalized as the region becomes more particular on the origin of products to verify if they adhere to environmental and sustainability standards.
Rue advises that Vietnamese firms should “study bilateral and multilateral trade agreements, and use legal consultancy services in all stages from negotiating with partners, signing contracts, implementing contracts, to dealing with disputes.”