6 Nov 2019
VIETNAM: New Tranche of Anti-Dumping Duty Imposed on China and Korea Steel Imports
The country has imposed anti-dumping duty (ADD) on colour-coated steel products imported from China and South Korea. The ADD, which came into effect on 24 October, will be imposed at a rate of 2.53-34.27% for relevant steel imports of China origin and at a rate of 4.71-19.25% for their South Korean equivalents. The measures, which were imposed following a 120-day trial period, will remain in place for five years.
The move follows a one-year long investigation into a number of Chinese and South Korean colour-coated steel producers by the Ministry of Industry and Trade (MOIT), which was triggered by several local companies alleging that dumping was taking place. The MOIT subsequently noted that the high rate of dumping was the primary cause of a significant decline in domestic production over recent years.
In a related move, MOIT has also extended existing ADD on cold-rolled stainless-steel products imported from China, as well as from Taiwan, Malaysia and Indonesia, for an additional five years. The ADD will be imposed at a rate of 31.85% for products imported from mainland China, but at a punitive rate of 17.94% for items manufactured by Hong Kong-based Tisco Stainless Steel. Punitive measured of between 11.09-22.69% will also be imposed for certain Malaysian producers, while targeted Indonesian transgressors will have to contend with rates in the 10.91-25.06% range. The highest rate overall – 37.29% – has been reserved for backlisted Taiwanese exporters.
According to the MOIT, the implementation of the initial phase of ADD back in 2014 led to something of a renaissance in the domestic stainless-steel industry. Since that time, however, the subsequent development of the sector has been said to be somewhat erratic.