The influx of steel imports from China and Korea into Vietnam has surged by 91 percent over the past year. In response, the Ministry of Industry and Trade has decided to implement temporary anti-dumping tariffs to mitigate this risk, announced the Ministry’s Trade Remedies Authority this morning.
Under the decision, the temporary anti-dumping duties are imposed on specified galvanized steel products originating from China and Korea.
Accordingly, the tax rate applied is up to 37.13 percent for steel originating from China and 15.67 percent for steel from Korea. This decision was made after the Ministry of Industry and Trade noticed an increase in galvanized steel imports from these two countries into Vietnam and could cause serious damage to the domestic steel industry.
In the 12-month period ending March 2024, imports of galvanized steel from China and South Korea totaled 454,000 tons, a 91 percent increase over the same period in 2023, according to customs data.
Although the Ministry of Industry and Trade has conducted an investigation and initiated the case, the import volume of galvanized steel continued to increase sharply in the last 9 months of 2024, with an increase of 20 percent over the same period last year. This shows the continuous increase in imported galvanized steel, putting the domestic steel industry under great pressure.
The Trade Defense Department stated that this decision marks the initial phase of a comprehensive, long-term investigation. Manufacturing and exporting enterprises from China and South Korea will have the opportunity to demonstrate either that no dumping occurred or that the actual dumping margin is lower than initially estimated.
The final determination of anti-dumping duties will be made following an on-site investigation and a thorough impact assessment conducted by the Ministry of Industry and Trade.
