Temporary safeguard measures on imported steel launched
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 .
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