In a decisive move to safeguard its domestic steel industry, Vietnam has imposed anti-dumping duties ranging from 15% to 37% on coated steel imports originating from China and South Korea.
Background
The Vietnam Steel Association (VSA) raised concerns about the surge in coated steel imports from these countries, which accounted for 64% to 67% of total imports during the 2022 to 2023 period. The influx of low-priced steel has exerted significant pressure on local manufacturers, prompting calls for protective measures.
Investigation and Findings
In May 2024, Vietnam initiated an anti-dumping investigation (Case AD19) into coated steel imports from China and South Korea. The investigation revealed that these imports were being sold at unfairly low prices, causing material injury to the domestic steel industry.
Imposed Duties
As a result, the Ministry of Industry and Trade has imposed provisional anti-dumping duties on these imports, effective for a specified period. The duties are structured as follows:
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China: Duties range from 15% to 35%, depending on the specific exporter and their level of dumping.
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South Korea: Duties range from 17% to 37%, similarly based on exporter-specific assessments.
Implications
These measures aim to create a fair competitive environment, allowing domestic producers to compete effectively and ensuring the sustainability of Vietnam's steel industry. The duties are expected to mitigate the adverse effects of dumped imports and provide relief to local manufacturers.
Industry Response
The VSA has expressed support for the government's actions, emphasizing the need for timely interventions to protect domestic industries from unfair trade practices. They continue to monitor the situation and advocate for policies that promote fair competition and industry growth.
Vietnam Steel by Hoa Sen Group
