Sunday, May 31, 2020 1:28:11 AM - Markets open
VN-INDEX 864.47 +3.08/+0.36%
HNX-INDEX 109.81 +0.17/+0.16%
UPCOM-INDEX 55.03 +0.02/+0.03%
MoIT tightens supervision to avoid trade sanctions
Vietnam News - 7/10/2019 1:06:00 PM
 (0 ratings. You must sign in to rate.)
Sectors which have seen high growth in the past few years such as wooden furniture, garments and textiles, seafood and steel are being placed under special supervision by the Ministry of Industry and Trade (MoIT) to avoid having high tariffs and trade sanctions imposed by other nations.
Minister of Industry and Trade Trần Tuấn Anh announced the move at a conference in Hà Nội on Tuesday that discussed preventing trade remedies and origin fraud.
Anh said Việt Nam had joined many free trade agreements (FTAs), including some new-generation FTAs which will help local businesses take advantage of preferential taxes and market access.
“However, this means that goods from foreign countries can take advantage of Việt Nam to enjoy preferential tariffs before exporting to markets with which Việt Nam has signed FTAs,” he said.
Last week, the US Commerce Department decided to impose duties of up to 456 per cent on certain steel products produced in South Korea or Taiwan that are then shipped to Việt Nam for minor processing before being exported to the US. 
The move is a warning about Việt Nam’s management of goods and tracking of product origins. It will affect businesses and sectors, and could impact the competitiveness of the whole economy.
Anh said the risks could be seen in some key export markets that have strict regulations, especially big partners such as the EU, CPTPP member countries and the US.
The minister asked the Trade Remedies Authority of Việt Nam (TRAV) to build plans in co-operation with the ministries of finance, planning and investment and the Việt Nam Chamber of Commerce and Industry (VCCI) to establish a centre to share information related to certificates of origin and trade remedies.
Lê Triệu Dũng, director of TRAV, said measures to prevent origin fraud were on the rise despite the ministry's efforts to tighten management and warn violators.
Dũng said the Government should have strict punishments for the violations. Many businesses had engaged in very sophisticated rule breaking, in some cases only importing and exporting goods for a short time before dissolving their companies. In some cases they created fake certificates of origin (C/O).
He said punishments for these offences were not strict enough. The maximum fine for using a fake C/O is VNĐ50 million (US$2,150).
Director of the MoIT’s General Department of Market Management Trần Hữu Linh said they had discovered many goods labelled "Made in Việt Nam" that were actually produced elsewhere.
Linh proposed applying tracing technology for agricultural products and foods and introducing stricter punishments for violations.
Trần Duy Đông, director of the ministry’s Domestic Market Department, agreed, saying the Government should improve people’s awareness of FTAs to protect local markets and develop trade activities.
The department is building a plan to establish big distributors and issue guidelines to domestic businesses about how to bring their goods into the distribution system to limit fraud.
Last week, Prime Minister Nguyễn Xuân Phúc issued a plan to strengthen management and prevent origin fraud. It also aims to protect Việt Nam in the course of international trade and improve the effectiveness of FTAs.
Under the plan, the Government will tighten management of exports, imports and foreign investment activities. It will work to improve awareness of regulations on trade remedies, origins and customs.
The Government will also review, amend and supplement legal documents on the prevention of trade remedies and origin fraud while strictly punishing violations.
The MoIT will be responsible for monitoring and updating lists of goods subjected to anti-dumping and anti-subsidy investigations by foreign countries and will report the lists to the VCCI so it can tighten control of C/O for the goods in question.
The TRAV will submit a course of action to implement the plan to the ministry before July 15. — VNS
Read original article here
Newer News
29/05 May CPI shows slight reduction due to dropping petrol, power, rice prices
29/05 Foreign Ministry: Vietnam recovers economy during, after COVID-19
19/05 Energy firms drive VN market
14/05 Footwear sector’s support industry should focus on developing new materials
14/05 SBV’s policy rate cut a positive sign for market, economy: experts
29/04 PM allows rice export resumption from May 1
26/04 Digital economy expected to add 30% to GDP by 2030
26/04 Digital economy to be pillar of future society
24/04 Standard Chartered lowers Việt Nam’s 2020 growth forecast to 3.3%
19/04 COVID-19 yet to affect HCM City office space market
Older News
05/07 Investment promotion conference held in London
04/07 Deputy PM requests control of CPI
03/07 CPTPP opens up opportunities for agricultural products
02/07 Dialogue spotlights EU-Vietnam free trade, investment protection pacts
01/07 More chances for stronger Vietnam-Canada investment ties
30/06 CPTPP gives Vietnamese firms a chance to invest in Canada
28/06 Tra fish exports to EU to surge in 2019
26/06 Exports reach over 10 billion USD in first half of June
24/06 Vietnam, EU partnership prospects bright: German experts
23/06 VN exports should target West Asia: conference
Newsletter Signup
Top Stories
Foreign Ministry: Vietnam recovers economy during, after COVID-19
Reference exchange rate down 5 VND on March 26
Reference exchange rate up 5 VND on March 18
Shares tumble over WHO declaration of COVID-19 pandemic
Tight co-ordination needed to ensure EVFTA benefits
Market Update
Last updated at 3:10:06 PM
VN-INDEX 864.47 +3.08/+0.36%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.