Vietnam has moved decisively to protect its burgeoning steel industry, announcing provisional anti-dumping duties on galvanized steel imports from China and South Korea. The measure follows investigations that found imported steel was being sold at unfairly low prices, undermining local manufacturers.
The anti-dumping duties, which will apply until at least July pending a final review, are part of Vietnam’s broader efforts to foster domestic production capacity and reduce reliance on foreign steel.
“This is about ensuring fair competition and safeguarding our local industry,” stated a representative from Vietnam’s Ministry of Industry and Trade.
Vietnam’s steel sector has grown rapidly in recent years, becoming a key pillar of its export-oriented economy. However, it has also been vulnerable to a flood of low-cost imports, especially as global steelmakers look for new markets amid slowing demand elsewhere.
Industry experts predict that Vietnam’s move could spark a wave of similar trade defenses across Southeast Asia, as nations grapple with balancing free trade with the protection of local industries.
The decision underscores an increasingly protectionist trend in the global steel market, as countries act to shield domestic producers from volatile international competition.
VietnamSteel by Hoa Sen Group
