Early promulgation of a decree on strategic trade control, demonstrating the desire to cooperate with the United States in a sustainable manner

Overview of the meeting. Photo: C. Dung

On the afternoon of April 1, Minister of Industry and Trade Nguyen Hong Dien said that the development of a decree on strategic trade control is extremely necessary in the context that Vietnam is focusing all resources to build a modern, sustainable and highly competitive economy.

The shifting trend of global value chains has helped Vietnam gradually become an attractive destination for investors in high-tech industries such as electronics, computers and semiconductors.

Research and development of a strategic trade control mechanism to improve technology control capacity, increase the ability to enforce intellectual property rights protection, and minimize the possibility of source technologies being transferred to third countries without the consent of the exporting country.

Besides, controlling strategic trade is both Vietnam's obligation in implementing international commitments and Vietnam's responsibility in protecting international security and peace.

Vietnam is in the top 20 countries with the largest trade scale and is in dire need of strategic trade control. Photo: Hoang Thanh

Vietnam, as a country with strong growth in import and export turnover, in the top 20 countries with the largest trade scale and having trade relations with most countries, needs a legal framework for strategic trade control, included in bilateral coordination programs.

Building an effective strategic trade control mechanism also creates a solid foundation for increasing the import of high technology and source technology from major markets such as the United States and the European Union, thereby helping to balance the trade balance.

Vietnam's declaration is realized by specific legal documents at the Government level, demonstrating its determination and desire to cooperate with the United States in a sustainable manner.

Currently, the Editorial Board is urgently receiving comments and completing the draft to submit to the Government as soon as possible.

According to the Ministry of Industry and Trade, the draft decree on strategic trade control consists of 6 chapters and 18 articles, with regulations on the list and principles of management of dual-use goods; principles of management of export, temporary import for re-export, border-gate transfer, transit, and transshipment of dual-use goods; responsibilities of traders exporting, temporarily importing for re-export, border-gate transfer, transit, and transshipment of dual-use goods; responsibilities of state agencies in controlling dual-use goods...

Source: https://hanoimoi.vn/som-ban-hanh-nghi-dinh-ve-kiem-soat-thuong-mai-chien-luoc-the-hien-mong-muon-hop-tac-voi-hoa-ky-mot-cach-ben-vung-697558.html