EC lifts anti-dumping tax on Vietnamese bicycles

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The European Commission (EC) has announced it will end imposition of anti-dumping duties on Vietnamese bicycles this month, according to the national radio broadcaster VOV.

The duty, imposed on Vietnamese-made bicycles since July 14, 2005, will expire on July 15 this year, VOV said in a report on its news website Sunday, citing the EC Directorate General for Trade.

According to the report, the lifting of taxes of around 34.5 percent will benefit both European consumers and Vietnamese bicycle exporters.

Vietnam's bike industry has been struggling over the past five years as exports have gone down steadily, forcing many companies to cut back on production or even declare bankruptcy, leaving a lot of workers jobless.

The EC's decision was made following many efforts by Vietnamese trade agencies opposing an extension of the punitive taxes. 

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