Illustrative image. (Photo: vca.gov.vn)

Hanoi (VNA) – Vietnam decided to increase anti-dumping duties for cold rolled stainless steel products from China, Indonesia, Malaysia and Taiwan, the Vietnam Competition Authority said.

The increase, based on the first period of review conducted by the Ministry of Industry and Trade, will be applied from May 14, 2016 to October 6, 2019. Taiwanese steel producer Yuan Long Stainless Steel Corporation will suffer the highest duty rate of 37.29 percent.

The investigation was carried out in October 2015 after domestic plaintiffs, including Posco VST Company Ltd and Hoa Binh Inox Joint Stock Company, proposed the ministry to review the anti-dumping tax on cold rolled or bared stainless steel products imported to Vietnam.

Basing on the investigation results, duties levied on China's Shanxi Taigang Stainless Steel Company Ltd. will increase from 6.58 percent to 17.47 percent, while other Chinese steel firms will be imposed a tax rate of 25.35 percent, five times higher than the previous level.

Indonesian steel producers will be taxed at 13.03 percent, a 9.96 percent increase compared with the previous level.

Producers from Malaysia will be levied at 9.55 percent, 1.16 percent lower.

In 2015, Vietnam imported about 13.7 million tonnes of steel products, up 23 percent year-on-year, according to the Vietnam Steel Association (VSA).

Steel from China amounted to more than 8.4 million tonnes, worth over 3.7 billion USD and accounting for 60 percent of Vietnam's imported steel. The figures represents a year-on-year increases of 57 percent in volume and 13.6 percent in value.-VNA