Illustrative image (Photo: vnexpress.net)
Hanoi (VNA) – The Ministry of Industry and Trade (MoIT) has recently issued Decision No 862/QD-BCT on applying temporary safeguard measures against steel ingots and long steel products imported into Vietnam .

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

However, the safeguard measures will not be applied to a product originating from a developing country, if that country’s share of total imports of the product is less than 3 percent, provided that the developing countries with less than 3 percent share, collectively account for not more than 9 percent of total imports.

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.-VNA