Vietnam stands ready to discuss with the US to address issues emerging in trade, Spokeswoman of the Ministry of Foreign Affairs Le Thi Thu Hang said today.
Vietnam has always worked with the US through existing mechanisms, including Trade and Investment Framework Agreements (TIFAs), to boost trade and investment for the sake of businesses and people of both sides, Hang shared the view at the press conference on August 11.
|Warehouse storage of steel products in Vietnam. Photo: VNA|
On August 8, the US Department of Commerce (DOC) issued an official notice on the initiation of an investigation into trade remedy evasion with respect to a number of steel pipe products imported from Vietnam.
According to ASL law firm, Large US steel pipe producers asked the US to launch an investigation after learning that Vietnam was importing Hot Rolled Steel (HRS), the primary raw material used to make steel pipes, from China, Taiwan, Korea, and India.
The US investigative agency will receive comments and counter-information from firms producing and exporting Vietnamese steel pipe products for 30 days following the date the investigation was launched.
Within 300 days of initiation, the US Department of Commerce (DOC) must provide a final conclusion of the case. However, if this time is not enough, the DOC may extend the investigation period, but the total time must not exceed 365 days.
Hang said that given priorities to trade and investment cooperation, Vietnam has cooperated with the US on the basis of freedom, fairness, and mutual benefit, in accordance with bilateral agreements and regulations of the World Trade Organization (WTO).
According to her, the Vietnam-US Comprehensive Partnership has made progress in all fields, including trade and investment. As a result, Vietnam is the leading trading partner of the US in Southeast Asia and the US is Vietnam’s second-largest trading partner with a total trade turnover exceeding US$110 billion in 2021.