Vietnam May Face More Trade Disputes
Vietnam, an emerging tiger in Asia, is likely to face more global trade disputes when further integrating into the global economy, the Ministry of Trade (MoT) has warned.
The ministry said that trade disputes usually arise when anti-dumping and anti-subsidy laws have been seen to be circumvented.
Lack of accurate and comprehensive information, documents and statistics to clarify financial activities is one of disadvantages that local companies are facing, said Director of the MoT’s Competition Administration Department Dinh Thi My Loan.
Accurate information and transparent accounting documents are the most significant tools with which evidence is gathered for the investigation of lawsuits, she added.
To cope with the problem, the department has been coordinating with the General Customs Office to remodel tax codes for Vietnam. The "HS" code, which is a global standard in international trade, needs to be increased from four to eight-ten categories, Loan said.
Businesses must actively refurbish their financial and accounting systems in line with international laws. The MoT and other relevant ministries would aid domestic producers in changing business operations so they may avoid future lawsuits, she said.
Since 1994, the country has faced 28 lawsuits including 23 anti-dumping cases and 5 safeguarded ones. Vietnam has so far lost most of these cases, according to the department.
VNA
Vietnamese
