That was the remark made by Trinh Anh Tuan, General Director of the Trade Remedies Authority of Vietnam, at the workshop 'Introduction of Vietnam's and Australia's trade remedy systems for importers and exporters' held in Hanoi on June 28.

Tuan said Vietnam did not have much experience in trade remedies because it was not until 2015 that the country began to conduct trade defence investigations to counteract unfair commercial practices.

Meanwhile, Australia has been around a lot longer with more than 400 investigations since 1995, having much experience to share in this regard.

"Vietnam appreciates every single opportunity to learn from trade-savvy countries, such as Australia," said Tuan.

The general director also revealed that Vietnamese exporters had been subject to 231 investigations to date, of which Australia initiated 18. Those incidents caused severe financial damages to the companies involved.

He said the growing entry of foreign goods into Vietnamese markets, which was facilitated by the country's favourable trade policy and the removal of trade barriers under FTAs, had exposed the need for more trade measures to control the commercial flow and prevent unfair practices.

Andrew Goledzinowski, Australia's Ambassador to Vietnam, said the bilateral relationship had made significant progress over the past years, with close economic ties at its heart.

He said Vietnam's steady growth after the COVID-19 pandemic had been a testament to its effort in restructuring the economy in the light of the Fourth Industrial Revolution.

The year 2023 would mark the 50th anniversary of the Vietnam-Australia diplomatic relationship, which is an opportunity for both countries to bring the economic tie to a new height.

It is also worth noting that Vietnam and Australia both have been admitted to three shared FTAs, namely the ASEAN-Australia-New Zealand Free Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and the Regional Comprehensive Economic Partnership.

Vietnam remains the 10th largest trade partners of Austrlia while Australia the 7th largest to Vietnam. In 2022, bilateral trade hit 15.7 billion USD, up 27% year by year./.
 
Source: en.vietnamplus.vn/vietnam-to-learn-from-australia-in-trade-remedies/255462.vnp