Circular No. 07/2022/TT-BCT dated March 23rd, 2022 of the Ministry of Industry and Trade on providing guidance on trade remedies under the Regional Comprehensive Economic Partnership Agreement

This Circular provides guidelines on procedures for investigation and rules on application of transitional RCEP safeguard measures, anti-dumping and countervailing duties under the Regional Comprehensive Economic Partnership Agreement (RCEP Agreement)

Accordingly, a transitional RCEP safeguard measure shall be applied in case of having the evidence that imports of an originating goods from Parties to Vietnam have increased and caused or are threatening to cause serious injury to a domestic industry.

Transitional RCEP safeguard measures to be applied include (i) suspension of reduction in import duty rate under the RCEP Agreement; or (ii) Application of the safeguard tax in the form of the additional import duty

However, the aforesaid transitional RCEP safeguard measure shall be applied for a period not exceeding 03 years and within the “transitional safeguard period” (from the date of entry into force of the RCEP Agreement until 08 years after the date on which the elimination or reduction of the customs duty in accordance with Vietnam’s Schedule of tariff commitments in the RCEP Agreement)

This Circular takes effect from May 8th, 2022.