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VCA thrusts anti dumping tariffs on the import of stainless steel

The Ministry of Trade and Industry, after the investigation conducted on the basis of complaints registered by the local producers, took the decision imposing tariff on the imported stainless steel.

In a statement posted on ministry’s website, the officials said that, the imposition of tariff will take place from 5th October, which will level the taxes on cold rolled stainless steel in all the importing countries, like Indonesia, Taiwan, Malaysia and China to 3.07- 39.29 percent.

Due to the establishment of ASEAN Free Trade Area AFTA, the products in Vietnam are sold without imposition of any kind of tariffs.

At the beginning of this year, the ministry decided to impose a temporary tariff on the imported stainless steel products ranging from, 6.45-30.73. Later in July the ministry of trade and industry, Veitnam Competition Authority decided to authorize an investigation based on anti-dumping into the imports of stainless steel, based on the complaints registered by Hoa Binh Inox and Posco VST.

Posco VST is one of the largest stainless steel manufacturer, which annually produces about 235,000 tons of stainless steel and was facing losses due to the competition with cheap imported products.

Both Posco VST and Hoa Binh Inox together posses about 80% of shares in the Vietnam market, later complained to VCA, with a demand to issue tariffs on varying from 20 to 40 percent in the imported stainless steel.

The conclusions of the investigation conducted by VCA stated that, the imported steel products showed property of dumping which lead to heavy losses in the domestic market.