The Ministry of Industry and Trade has announced it will impose anti-dumping duties on stainless steel imports after an investigation conducted at the request of local producers.
The decision will take effect on October 5 leveling taxes of 3.07-39.29 percent on exporters of cold rolled stainless steel products in China, Indonesia, Malaysia and Taiwan, according to a statement on the ministry’s website.
The products are sold without tariffs in Vietnam due to the AFTA (ASEAN Free Trade Area).
Early this year, the Ministry of Industry and Trade decided to temporarily impose anti-dumping tariffs ranging from 6.45 to 30.73 percent on stainless steel products imported from China, Indonesia, Malaysia and Taiwan starting on January 25.
In July, the Ministry of Industry and Trade's Vietnam Competition Authority (VCA) initiated an anti-dumping investigation into stainless steel imports following requests from Posco VST and Hoa Binh Inox.
Posco VST, the biggest stainless steel manufacturer with an annual output of 235,000 tons claimed it was incurring losses due to competition from cheap imports.
Posco VST and Hoa Binh Inox, which hold an 80 percent share of the stainless steel market, then lodged their complaints at the VCA, demanding anti-dumping tariffs of between 20 and 40 percent against imported stainless steel products.
The VCA's preliminary conclusion was that the steel products imported from the relevant countries showed signs of dumping and had forced the domestic steel industry to suffer heavy losses.