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Ministry seeks action on protective tariffs
The Ministry of Industry and Trade has urged the Ministry of Finance to issue regulations on collecting, paying and retrieving safeguard duties at an early date in a move to protect locally made products from excessive imports.
Though Viet Nam has so far issued regulations on safeguard measures, it doesn't have regulations on collecting and retrieving the safeguard duties.
According to international trade rules, safeguard measures, anti-dumping and anti-subsidy regulations are tools to regulate the trade system and are applied to protect the domestic market against foreign imports.
Safeguard measures are used to protect the domestic market in the case of excessive import of goods into Viet Nam, which can cause serious damage to domestic industry.
Safeguard measures include import tax hikes, quota restrictions or other additional fees.
As the ongoing financial crisis curbs demand, companies based abroad have started exporting products to Viet Nam at very low prices in an attempt to recover the fixed costs.
According to the MoIT, domestic producers have submitted applications asking the ministry to apply safeguard measures to protect domestic products against unfair competition from imports.
The producers said a number of imported goods that enjoyed preferential tax policies from exporting countries, including tax exemption and sharp tax reduction, had dominated the local market, causing major difficulties for Vietnamese producers.
According to current regulations, the MoIT must investigate complaints within 30 days of receiving an application from domestic producers. The MoIT will impose temporary safeguard measures if it finds the imports surge excessive in volume, quantity or value threatening or harming domestic manufacturing industries.
VietNamNet, VietNamNews
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