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Foreign protectionism threatens exports
  • | VOV | June 16, 2012 03:39 PM

Vietnam will face many obstacles in exporting its goods, especially steel products, machinery, equipment, organic chemicals, meat and plastics, the Ministry of Industry and Trade has warned.

 
 

Cereals and wood products are also likely to be affected.

Global-scale trade protectionism is now seen as a political response to the economic difficulties facing many countries.

In 2011, importing countries introduced 339 new trade restrictions, 53 percent more than the previous year, including strong ones that can drastically change patterns of trade.

The new regulations aimed at limiting imports are the most likely to affect Vietnam.

A Ministry of Industry and Trade expert said this trend is predicted to continue rising in 2012 and 2013.

In the face of barriers in traditional markets, the Ministry of Industry and Trade has adopted 236 national projects to promote trade at a proposed total cost of VND316 billion.

Many of these projects are related to partners such as China, India, Laos, Myanmar, Cambodia, and other ASEAN members.

As of 2013, investment for trade promotion will make up 0.01-0.05 percent of the country’s total export revenue, excluding crude oil exports.

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