In the context of increasing world tensions, the United States is tightening measures to control the domestic situation, specifically about the recent sharp increase in inflation. One of the common measures is trade remedy measures including anti-dumping, anti-subsidy, self-defense, and anti-circumvention of trade remedies.
According to a report from the Vietnam Trade Counselor in the United States, within the first nine months of 2022, two-way trade turnover between the United States and Vietnam reached about $96.2 billion, up 20% over the same period in 2021.
The large trade surplus with the United States reached $74 billion, ranking third after China and Mexico, focusing on items such as textiles and garments, footwear, wood and wood products, seafood, agricultural products, etc. However, among the items in the trade relationship between Vietnam and the United States, there are still items with reduced export turnover such as cashew nuts, iron, and steel.
In 2022, the United States tends to reduce the number of goods imported into the domestic market to protect the country’s market, putting pressure on the opening of export markets. According to a report by the Vietnam Trade Counselor in the US, in September, Vietnam’s exports to the US reached $8.1 billion, down 18% compared to August.
For the previous months, July and August did not have a significant change. In July, the export rate decreased by 7% compared to June.
According to the Vietnamese Trade Counselor in the United States, the United States continues to ask Vietnam to make clearer concessions in opening up, accessing markets, and solving problems in economic and trade relations between the two countries, especially issues related to monetary policy, trade in services, economic management of the digital platform – cyber security law.
Not only the US, but many key markets around the world are also making more trade remedy measures for products exported from Vietnam, such as India, Turkey, Australia, Canada, the EU, Thailand, Malaysia, Indonesia, Philippines, and Korea,…
The types of products under investigation include steel, steel products, fibers, plastic products, rubber products, building materials, furniture, copper pipes, shrimp, pangasius, honey, etc.
Thereby, enterprises producing and exporting the above products in Vietnam to the United States and the above markets need to pay attention and learn more information about trade remedies in order to be able to provide information and respond proactively with trade remedy investigations, thereby receiving preferential duty rates or duty exemptions.