Anti-dumping duties on steel to rise
Vietnam decided to increase anti-dumping duties for cold rolled stainless steel products from China, Indonesia, Malaysia and Taiwan, the Vietnam Competition Authority said.
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
You should also see
Prime Minister receives Apple CEO
Prime Minister Pham Minh Chinh received visiting CEO of Apple Tim Cook in Hanoi on April 16, who he once met in the US in September 2022.
See more
Business
Vietnam has opportunities to attract, develop the offshoring market
Vietnam is an attractive choice for businesses who are looking for outsource solutions, given its affordable workforce, highly skilled human resources and the constantly developing infrastructure of information technology and the telecommunications industry, said real estate consultancy firm Knight Frank in its report Asia-Pacific Horizon: Harnessing the Potential of Offshoring.
Business
Long An hosts meeting to help RoK businesses solve difficulties
The People’s Committee of the southern province of Long An on April 16 held a dialogue with enterprises from the Republic of Korea (RoK) to help them deal with difficulties and obstacles when doing business in the locality.
Society
Int’l media highlights Tim Cook’s visit to Vietnam
CEO of US-based tech giant Apple, Tim Cook, is paying a two-day visit to Vietnam, starting on April 15. The event has become a highlight of the international media.
Business
US dollar continues gaining against Vietnamese dong, hitting exchange ceiling
The US dollar has continued to strengthen against the Vietnamese dong (VND) as the exchange rate hit the ceiling limit across commercial banks on April 16 morning.
Business
Tra Vinh exports organic coconut flower nectar to Australia
The Tra Vinh Farm Co., Ltd (Sokfarm) in the Mekong Delta province of Tra Vinh has successfully exported its first shipment of organic coconut flower nectar products to Australia - the fifth main importer of the locality’s product.
