VietNamNews

Việt Nam imposes anti-dumping duties on steel from China and South Korea

Update: June, 20/2019 - 15:20

 

20 firms from China and three from South Korea that produce colour-coated steel sheets will be subject to temporary anti-dumping duties. — Photo moit.gov.vn

HÀ NỘI — The Ministry of Industry and Trade (MoIT) has announced it will levy temporary anti-dumping duties of up to nearly 35 per cent on colour-coated steel sheets originating from China and South Korea.

Twenty Chinese exporters will be taxed at rates from 3.45 to 34.27 per cent while anti-dumping duties for three South Korean businesses will range from 4.48 to 19.25 per cent.

The duties will take effect on June 25.

The MoIT said it conducted an eight-month investigation into colour-coated steel sheets purchased from the two East Asian countries following complaints from domestic manufacturers. The investigation found that the local steel sector had suffered serious losses as the imported products were dumped in the country.

The dumped goods exerted considerable pressure on domestic production as they affected manufacturing output, sales, revenues, market share and inventories.

In the last seven months of 2018, many domestic firms were forced to halt production and a substantial number of workers lost their jobs.

The MoIT said its temporary anti-dumping measure is in line with the World Trade Organisations’ regulations and Vietnamese laws.

For special colour-coated steel products that are currently not produced in the country such as pre-coated metal (PCM) products and vinyl coated metals (VCM) used to produce refrigeration and consumer electronics products are not subject to the temporary anti-dumping measures. As a rule, raw materials imported for exports production are not subject to anti-dumping duties.

The ministry will continue working with authorities to review figures and organise an open consultation session. In addition, it will provide an overall assessment of the case for related parties.

The investigation will conclude in the fourth quarter of the year. — VNS