Understand to minimize risks

According to recommendations of the Ministry of Industry and Trade, in the current new situation, businesses, industry associations should regularly monitor the published warning list of products at risk of being investigated to be proactive in production and business, minimize risks and protect interests.

Up to now, Vietnam has signed 13 Free Trade Agreements with other countries, our export market has expanded, and foreign direct investment attraction has also increased. In addition to the opportunities brought, there are also many challenges that require businesses to understand the markets and export products. In which, the EU, the United States, and Japan are the major export markets of Binh Duong. Binh Duong currently has more than 4,000 export firms of various export products, many of which are exported with a revenue of over 1 billion USD/year. Therefore, firms need information about foreign markets to develop appropriate production plans.

As participating in international trade, businesses must fully comply with regulations of the market in which they will sell their products. Besides, enterprises also need to set up plans for unfortunate cases that must apply trade remedies to make timely adjustments in production and business, and find new markets to reduce damage. Businesses and industry associations need to regularly contact trade counselors in other countries to promptly understand policy changes, prepare in advance, and adjust production accordingly.

Provincial Department of Industry and Trade also needs to hold more seminars and disseminate trade remedies to promptly support businesses in the province to proactively capture, prevent and reduce risks and damage.

Reported by Tieu My - Translated by Ngoc Huynh

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