Vietnam's steel wire products at risk of Canada’s trade remedy investigation: Authority

The Trade Remedies Authority of Vietnam (TRAV) under the Ministry of Industry and Trade (MoIT) has warned of a risk of Canada’s trade remedy investigations into steel wire products imported from Vietnam.

Tuesday, March 05, 2024 14:43

Vietnam's steel wire products at risk of Canada’s trade remedy investigation: Authority ảnh 1

Steel products of Vietnamese steel giant Hoa Phat (Photo: Hoa Phat Group)

Hanoi (VNA) - The Trade Remedies Authority of Vietnam (TRAV) under the Ministry of Industry and Trade (MoIT) has warned of a risk of Canada’s trade remedy investigations into steel wire products imported from Vietnam.

According to statistics from TRAV, Canada has initiated eight trade remedy investigations into steel products imported from Vietnam, including five anti-dumping, two countervailing, and one safeguard. Therefore, Canada is targeting most of Vietnam's key steel export products/types, such as rebar, corrosion-resistant steel sheets, rolled steel, pil country tubular goods (OCTG) pipes, among others.

The authority said that with its policy of monitoring and tightening management of imported steel to protect the domestic market, Canada will continue the investigations to apply measures against the remaining steel products/types from Vietnam, including steel wire.

Data from Trademap shows that the export value of steel wire products from Vietnam to Canada has been increasing rapidly in recent years. In 2020, Vietnam exported about 10 million USD worth of steel wires to the northern American country. The figure doubled to 21 million USD in 2021 and quadrupled to 40 million USD in 2022.

TRAV recommended that relevant associations and businesses review their exports of steel wire to the Canadian market; and prepare response measures in case Canada initiates a trade remedy investigation.

Businesses should also proactively grasp Canada's regulations and procedures for trade remedy investigations, it noted./.

VNA

#trade remedy investigation #steel wire product #Vietnam #Canada #Vietnamplus #Vietnam news #Vietnam News Agency

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