Viet Nam increases anti-dumping duties for imported cold rolled stainless steel products to protect the domestic market.— Photo vca.gov.vn

HA NOI (Biz Hub) — Viet Nam decided to increase anti-dumping duties for cold rolled stainless steel products from China, Indonesia, Malaysia and Taiwan, the Vietnam Competition Authority said.

The increase, based on the first period of review conducted by the Ministry of Industry and Trade, will be applied from May 14, 2016 to October 6, 2019. Taiwanese steel producer Yuan Long Stainless Steel Corporation will suffer the highest duty rate of 37.29 per cent.

The investigation was carried out in October 2015 after domestic plaintiffs, including Posco VST Company Ltd and Hoa Binh Inox Joint Stock Company, proposed the ministry to review the anti-dumping tax on cold rolled or bared stainless steel products imported to Viet Nam.

Basing on the investigation results, duties levied on China's Shanxi Taigang Stainless Steel Company Ltd. will increase from 6.58 per cent to 17.47 per cent, while other Chinese steel firms will be imposed a tax rate of 25.35 per cent, five times higher than the previous level.

Indonesian steel producers will be taxed at 13.03 per cent, a 9.96 per cent increase compared with the previous level.

Producers from Malaysia will be levied at 9.55 per cent, 1.16 per cent lower.

In 2015, Viet Nam imported about 13.7 million tonnes of steel products, up 23 per cent year-on-year, according to the Vietnam Steel Association (VSA).

Steel from China amounted to more than 8.4 million tonnes, worth over US$3.7 billion and accounting for 60 per cent of Viet Nam's imported steel. The figures represents a year-on-year increases of 57 per cent in volume and 13.6 per cent in value. — VNS