Illustrative photo (Source:Internet)
Hanoi (VNA) - The Ministry of Industry and Trade (MoIT) on July 18 issued Decision No 862/QD-BCT on applying safeguard measures against steel ingots and long steel products imported into Vietnam .

Under the decision, the ministry will maintain a safeguard duty of 23.3 percent on steel ingots while that levied on long steel products will be raised from 14.2 percent to 15.4 percent.

The decision will take effect within 15 days since it was signed.

According to the Vietnam Competition Authority under the MoIT, Vietnam saw a sudden increase of steel imports from 2012 to 2015, which seriously impacted domestic steel producers.

On December 25, 2015, the MoIT issued Decision No 14296/QD-BCT on a safeguard investigation into imports of steel ingots and long steel products, upon a complaint lodged by local producers Hoa Phat Steel Joint Stock Company (JSC), Southern Steel Co Ltd, Thai Nguyen Iron and Steel JSC and Vietnam-Italy Steel JSC.

On March 7, 2016, the ministry issued Decision No 862/QD-BCT on applying temporary safeguard measures against steel ingots and long steel products imported into Vietnam .

Accordingly, the ministry imposed temporary safeguard duties of 23.3 percent on steel ingots and 14.2 percent on long steel products for a maximum of 200 days.-VNA