Trade protectionism estimated to have cost Vietnam $12 bln

By Dat Nguyen   October 15, 2020 | 10:45 am GMT+7
Trade protectionism estimated to have cost Vietnam $12 bln
Fisherwomen deliver fish to shore on the coast of central Quang Tri Province. Photo by VnExpress/Hoang Tao.

Twelve billion dollars worth of Vietnam’s exports have so far been affected by trade safeguard measures imposed by other countries amid rising global protectionism.

These are figures drawn from nearly 200 allegations of trade violations against Vietnam, according to the Ministry of Industry and Trade.

The number of allegations has been rising in recent years, the ministry said. Most involve key export items such as metals (aluminum and steel), seafood (prawns and fish), plywood, construction materials, and chemicals.

The markets that raise the most disputes are the U.S., India, the E.U., Turkey, Canada, and Australia, which together account for 62 percent of the total number.

Southeast Asian countries have been raising more and more disputes in recent years, with their total of 38 accounting now for 20 percent.

Of the 151 lawsuits that have been resolved over the year, Vietnam won 43 percent, meaning its exports are allowed to enter litigating market without new duties or restrictions.

This has enabled continued exports of key products such as seafood, steel and wood to major markets such as the U.S., the E.U. and Canada.

This year several Vietnamese products have faced dumping allegations. The U.S. in June initiated an investigation into Vietnamese tires, and Australia began probing Vietnamese coated steel in July.

Globally, trade safeguard measures have affected $1.5 trillion worth of trade between 2009 and 2018, according to the World Trade Organization.

 
 
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