Vietnam Urged to Shift from Trade Defense to Risk Management

Vietnam is being urged to shift its strategy from trade defense measures to risk management in response to the impact of surging imported goods on domestic industries. At a conference on reducing trade disputes between Vietnam and the Republic of Korea (RoK) held on November 6, it was noted that both countries are currently applying four trade remedy measures on each other. The RoK side, in particular, called on Vietnam to exercise caution in its application of anti-dumping measures on four steel products from the RoK. While Vietnam has effectively countered these threats, with signs of dumping and subsidization impacting domestic industries, the conference saw an agreement to strengthen cooperation in anti-dumping investigations to address these trade challenges and tackle emerging issues. General Secretary and President To Lam highlighted the event's significance, stating that it marks a new chapter in the history of building and developing the land of Kinh Bac, which boasts a rich tradition of culture, revolutionary history, dynamism, and creativity. This suggests a move towards a more strategic approach for Vietnam in balancing domestic industry protection with international trade. Under its one-party system, Vietnam faces the dual challenge of pursuing economic growth while nurturing domestic industries and managing trade balances. Amidst complex relations with China, Vietnam is pursuing multifaceted diplomacy to stabilize relations with trading partners while maximizing its economic interests. This consultation on trade disputes is seen as part of that effort.