The World Trade Organisation (WTO) committees on trade defence held a series of meetings from April 28 to May 1, the Permanent Mission of Vietnam to the United Nations, the WTO, and other international organisations in Geneva, Switzerland, announced on May 6.

The Ministry of Industry and Trade has been tasked with building and operating an early warning system for trade defence to detect potential lawsuits from foreign countries initiating trade remedy investigations against Vietnamese exports.

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.

Vietnamese enterprises need to make efforts to innovate, proactively improve competitiveness, and participate in new supply chains to boost exports to Asia, said trade official.

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).

The Ministry of Industry and Trade believes that it is necessary to continue to promote early warning on trade remedy for Vietnamese export goods.

Vietnam has always proactively applied and responded to trade defence measures (TMFs) in international trade to prevent negative impacts of massive imports, unfair competition and protect domestic manufacturing industries.

VOV.VN - The United States is viewed as both the market with the most trade defence investigations into Vietnamese exports and the country with the most trade defence investigations into members of the World Trade Organization (WTO) with many other markets.