At the workshop “Promoting Export Potential of Goods and Enhancing Capacity to Respond to Trade Remedies Cases in the Asian, African, and Oceanian Markets,” co-organized by the Ministry of Industry and Trade and the People’s Committee of Hanoi on November 12, Deputy Minister of Industry and Trade Phan Thi Thang acknowledged that while there have been positive developments and great potential for market expansion in these regions, Vietnamese businesses still face significant challenges and obstacles.
THE BIGGEST HURDLE: TRADE PROTECTIONISM
According to the Asia-Africa Market Department (Ministry of Industry and Trade), the Asia-Africa region comprises 117 countries and territories, including Vietnam’s traditional large markets such as Japan, China, Taiwan, Hong Kong, West Asia, and Africa.
Speaking at the event, Deputy Minister Phan Thi Thang affirmed that the Asia-Africa and Oceania regions have always been crucial export markets for Vietnam. In recent years, the country has particularly focused on strengthening economic cooperation with nations in these regions to boost exports.
Statistics from the General Statistics Office revealed that in the first six months of 2024, trade turnover between Vietnam and the Asia-Africa region reached approximately $250 billion, a 15% increase compared to the same period in 2023. This accounts for nearly 67% of Vietnam’s total trade turnover with the world.
Specifically, Vietnam’s exports to the Asian market reached nearly $89 billion, an 11% increase compared to the first half of 2023. Meanwhile, the Oceania and African markets contributed almost $3.5 billion and $1.5 billion, respectively, reflecting increases of about 27% and 6% from the previous year.
Despite these positive signs and the significant potential for market expansion, Deputy Minister Phan Thi Thang pointed out that Vietnamese businesses still face considerable challenges. One of the most significant obstacles is the protectionist measures and barriers imposed by importing countries and territories.
As a significant exporter to the Asia-Africa and Oceania markets, Vietnam has faced trade remedy cases in these regions. According to the Ministry of Industry and Trade, 14 out of 25 countries in the Asia-Africa-Oceania group have initiated 145 out of 268 trade remedy investigations against Vietnamese exports.
The countries with the highest number of investigations are India, Turkey, Australia, Indonesia, and the Philippines. Within ASEAN alone, four countries (Malaysia, Indonesia, the Philippines, and Thailand) have launched 52 trade remedy cases against Vietnam. In Oceania, Australia has also initiated 19 investigations involving Vietnam.
ENHANCING BUSINESS RESILIENCE
In response to these trends, Deputy Minister Phan Thi Thang shared that the Ministry of Industry and Trade has implemented various support measures for associations, industries, and exporting enterprises to cope with trade remedy cases in the Asian, African, and Oceanian markets.
The ministry has also collaborated with relevant agencies and participated as an interested party in anti-subsidy investigations involving the government.
In crucial markets such as Australia, the Philippines, and Indonesia, the Ministry of Industry and Trade has successfully defended arguments proving that the government does not provide subsidies or intervene in the market to create an unfair advantage for Vietnamese exports.
Additionally, the ministry closely monitors foreign investigation agencies’ information and procedures. They provide requested information and put forward legal arguments to refute baseless claims made by complainants or address conclusions that potentially violate WTO rules.
Consequently, in many cases, the investigating authorities have had to reconsider their conclusions or extend the initiation period to gather additional evidence as requested by the Ministry of Industry and Trade.
Furthermore, the ministry attaches importance to communication and training for relevant parties, including government agencies, associations, industries, exporting enterprises, and consulting units. This is done to keep them updated on changes in trade remedy laws and their application in foreign countries, as well as to enhance their knowledge and awareness of trade remedies, enabling them to respond promptly and effectively when such cases arise.
To enhance the capacity to deal with trade remedy cases in these markets, Mr. Nguyen Dinh Thang, Deputy Director of Hanoi Department of Industry and Trade, suggested focusing on improving the competitiveness of businesses and producers to ensure they can adapt to the new circumstances.
He also emphasized the importance of utilizing the network of overseas representative agencies to promptly obtain reports on policy changes and market reactions from partner countries. This will enable the formulation of appropriate solutions and countermeasures.
“Strengthening Internal Capabilities: Overcoming Export Challenges for Vietnamese Businesses”
On October 24, at the seminar “Promoting Trade and Creating Leverage for Processed and Manufactured Industrial Products”, experts attributed the challenges faced by Vietnamese businesses to a multitude of factors, encompassing both internal and external issues.
Enhancing Trade Defense Capabilities
Enhancing trade defense capabilities and understanding the use of trade defense measures is an essential and inevitable trend to protect the legitimate interests of businesses.
The Green Revolution: How Agriculture Soared to a $11.8 Billion Trade Surplus in Just 8 Months
As per the Ministry of Agriculture and Rural Development, exports of the agricultural sector’s key products in the first eight months of 2024 outperformed the same period last year.
