Vietnamese exporters have proactively diversified their markets from the start of the year to mitigate risks as they may soon face significant tax hikes globally, said industry insiders and experts.

Vietnam’s export products face a significant increase in the number of trade defence investigation cases this year on rising protectionism worldwide, according to the Ministry of Industry and Trade (MOIT).

Vietnam has faced 268 trade defence investigations, with more than half coming from Asia, Africa and Oceania, according to the Ministry of Industry and Trade.

Vietnam has initiated 29 trade defence investigations to protect its domestic market and businesses' interests, thus increasing state budget revenue by approximately VND1.5 trillion (US$60.4 million) a year, according to the Ministry of Industry and Trade (MOIT).

VOV.VN - The Ministry of Industry and Trade (MoIT) has revealed the list of products which are at risk of investigation for trade defence measures, origin fraud, and illegal transshipment.

Timber enterprises were calling for support in terms of market information, requirements and consumer tastes to cope with declining exports which were pushing them into many difficulties from the beginning of this year.