In the context of global trade difficulties, Vietnam's economy has demonstrated impressive resilience in the first months of 2024, with GDP growing by 6.93% and 6.42% in the second quarter and the first half of the year, respectively. The strong growth in the export of goods and services highlights that the economy is on a positive recovery trajectory.
International economic integration is a consistent policy of Vietnam and Binh Duong has clearly shown a leading role in this process. From an agricultural province, Binh Duong has transformed into an industrial hub, with 29 industrial parks and 7 industrial compounds with effective operation. The development model of Binh Duong has become a national example in infrastructure, investment attraction, production management and environmental protection.
Training course on trade defense for businesses
Impressive growth amid obstacles
In the first six months of 2024, Binh Duong's economy grew by 6.19%, with export turnover reaching US$16.3 billion, up 10.3% from the same period last year. Key industries such as wood, textiles, and footwear all experienced strong recovery. This is an encouraging result amid numerous challenges in the international market.
Effective response to trade defense measures
Binh Duong’s Department of Industry and Trade has proactively implemented solutions to support businesses in handling trade defense cases, closely coordinating with the Ministry of Industry and Trade’s Trade Defense Department in disseminating information, training and supporting businesses in trade defense investigations.
Some of the trade defense cases that Binh Duong has been involved in or that have affected businesses in the province include:
- Australia’s anti-dumping and countervailing investigations on steel pipes (2020) and aluminum-zinc coated steel (2020)
- The United States’ anti-circumvention and countervailing investigations on plywood (2020)
- The United States’ product scope investigation, anti-circumvention and countervailing investigations on wooden cabinets (2022)
- The United States’ countervailing investigation on paper plates (2024)
Under the guidance and close attention of the Ministry of Industry and Trade and the People's Committee of Binh Duong province, provincial Department of Industry and Trade, along with relevant departments and agencies, has effectively coordinated to provide support on trade defense. This has created favorable conditions for the business community and industries to regain momentum in industrial production and export growth.
In recent trade defense cases such as anti-dumping and countervailing investigations on plywood and wooden cabinets exported to the U.S., relevant authorities have cooperated closely, providing sufficient information and evidence to successfully protect the legitimate interests of Vietnamese businesses. This has helped facilitate the access of Vietnamese goods to international markets.
Specifically, Vietnam successfully proved to the Australian government that no subsidies were given to export businesses and that there was no intervention in input materials. This helped businesses avoid unfair competitive advantages. In the 2020 U.S. anti-circumvention and countervailing investigation on plywood, Vietnam achieved a positive outcome, with most businesses benefiting from a self-certification mechanism when exporting to the U.S. Likewise, in the 2022 U.S. product scope investigation and anti-circumvention and countervailing investigation on wooden cabinets, a favorable result was achieved when the U.S. Department of Commerce canceled the anti-circumvention investigation, proving that most Vietnamese businesses were not exporting taxed goods.
A representative of the Import-Export Department guides businesses on the issuance of the Certificates of Origin (C/O)
Further boosting exports
In the first half of 2024, trade defense support activities contributed significantly to the recovery and growth of export goods. The capacity of businesses has improved markedly, fostering confidence in continued positive growth for the entire year.
To achieve the goal of 9%-10% export growth in 2024, the province’s Industry and Trade sector will further focus on supporting businesses to consolidate existing markets, explore the new ones, leverage the advantages of free trade agreements (FTAs) and minimize risks from trade defense, making relentless efforts to overcome all challenges, further developing and positively contributing to the country’s prosperity.
Reported by Dieu Hang- Department of Trade Management-Translated by Kim Tin
