US-China trade war to exert pressure on local production: official
Domestic production has faced strong competition as the US and China are increasing exports to Vietnam on the back of their escalating trade war, head of the Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam Le Trieu Dung said on August 9.
Hanoi, August 9 (VNA) – Domestic production has faced strong competition as theUS and China are increasing exports to Vietnam on the back of their escalatingtrade war, head of the Ministry of Industry and Trade’s Trade RemediesAuthority of Vietnam Le Trieu Dung said on August 9.
At a meeting with Minister of Industry and Trade Tran Tuan Anh on the day, Dungsaid the US-China trade conflict becomes more intense after the North Americancountry announced to impose additional tariff of 10 percent on the remaining300 billion USD of goods and products coming from China to the US, and seesChina as “currency manipulator”.
This will result in considerable competition among local producers, and thereis a strong possibility that shipments originating from Vietnam will faceprotective trade measures in many other nations. It will be a great challengefor the Vietnamese economy as the US and China could step up efforts to preventtrade fraud of origin and tax avoidance, Dung stressed.
While many nations, including Vietnam, are accelerating trade liberisationthrough joining various free trade agreements, protectionism is increasing inmany others. Their protective policies are used as a tool to prevent importsand, therefore, Vietnamese products must satisfy a set of strict requirementsin order to enter those markets.
Dung also described a lack of understanding of trade prevention process as amajor challenge to many Vietnamese enterprises. In stark contrast, theforeign-invested sector has rational strategies in response to preventivemeasures of foreign nations.
He said his office will continue to keep close watch on the trade tensionbetween the US and China so as to reduce impact of the two countries’ tradepolicies.
Meanwhile, a representative from the Vietnam Directorate of Market Surveillancesuggested the establishment of an inspection group to find out businesses whoare taking advantage of the situation to boost imports from the two markets.
For his part, minister Anh said Vietnam should stay prudent and have rationalmeasures to respond to the trade war, and ordered competent authorities toboost coordination with the customs force to check items with sudden increasein import and export volume.-VNA
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At the meeting (Source: VNA) 
