Hanoi strengthens export competitiveness and trade protection measures
Hanoi strengthens export competitiveness and trade protection measures
Hanoi will work with the Ministry of Industry and Trade to ensure that businesses and manufacturers are ready for new challenges.
Hanoi will continue working with the Ministry of Industry and Trade to improve the competitiveness of enterprises and develop policies to boost production and exports, with a focus on strengthening export potential and improving the capacity to respond to trade defense issues.
Hoa Phat Steel Sheet Company's factory. Photos: Vietnam News Agency |
Nguyen The Hiep, Deputy Director of Hanoi's Department of Industry and Trade, said the ministry needs to work closely with local trade defense authorities to effectively enforce trade defense measures.
He added that the ministry should provide localities with timely information and resources to help them get involved.
The Hanoi Department of Industry and Trade reported that the Asian, African and Oceanic markets, comprising 120 countries, have been crucial for the city's exports in recent years. By the end of the third quarter of 2024, the total export value to these markets reached nearly US$10 billion, accounting for 67% of Hanoi's total export turnover.
However, local industries are facing competitive pressures from the growing protectionist policies of other nations, which may lead these sectors to seek government intervention through trade defense measures such as countervailing duties and anti-dumping laws.
Hanoi will work with the Ministry of Industry and Trade to ensure that enterprises and producers are prepared to face new challenges, further increase export potential and improve responses to trade defense measures in Asia, Africa and Oceania.
The city plans to formulate policies to promote production and exports, focus on monetary policy as directed by the government, and strengthen administrative reform through the application of information technology.
The department also aims to attract investment for the development of concentrated industrial parks, improve service systems, and create a comprehensive business and export information database.
There will also be a concerted effort to improve the effectiveness of trade promotion and investment initiatives, ensuring that they are adapted to current conditions while minimizing redundant activities to avoid waste of resources.
Proactive measures for trade defense investigations
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Many small and mid-sized companies are reactive to investigations due to a lack of in-depth trade defense knowledge. |
According to the deputy director of Hanoi's Department of Industry and Trade, several industries and companies have recognized that investigations are a common practice in international trade and are proactively responding to foreign trade protection actions.
However, he added that many small and medium-sized companies lack in-depth knowledge of trade defense, which makes them reactive when they are subject to investigations. They often struggle to understand the necessary steps to take, especially given the strict timelines and procedural requirements set by foreign investigative bodies.
To support local enterprises, the Hanoi Department of Industry and Trade suggested that the Ministry of Industry and Trade study appropriate measures to protect the market and enterprises from foreign competition. Through its overseas representatives, the ministry aims to provide timely reports on policy changes in partner countries and market reactions, enabling domestic enterprises to develop appropriate strategies.
The Trade Remedies Authority under the Ministry of Industry and Trade reported that 14 out of 25 countries in Asia, Africa, and Oceania were investigating 145 out of 268 trade defense cases involving Vietnamese exports.
"The range of products under investigation is becoming increasingly diverse, covering not only major export items such as shrimp, catfish, steel, wood, and solar panels, but also smaller hard currency earners such as lawnmowers, honey, paper plates, and staples," said Truong Thuy Linh, Deputy Director General of the Trade Remedies Authority.
She added that trade defense investigations are becoming more rigorous. Foreign investigating authorities have high standards regarding response times and requests for additional information, and extensions are rarely granted. The success of appeals depends largely on the cooperation of all parties involved, including timely information from government agencies and support from companies and industry associations.
