A number of duties on imported steel products will be cut to reduce input costs for the domestic subsidiary industry. — Photo dddn.com.vn

HA NOI (Biz Hub) — The import duties on hot laminated carbon steel and hot laminated steel are likely to be cut to zero per cent to reduce input costs for the domestic subsidiary industry.

The finance ministry has been collecting ideas from relevant sectors and agencies about the reduction of import tariffs on the two steel products, which the country does not produce. If the move is approved, the duties on imported hot laminated carbon steel and hot laminated steel, which are flat rolled bars, will fall from three per cent to zero.

Deputy Chairman of the Vietnam Steel Association Nguyen Tien Nghi told dddn.com.vn that from now till 2017, a number of duties on imported steel products will be reduced to zero per cent.

According to statistics from the customs office, Viet Nam imported 166,574 tonnes of hot laminated carbon steel and hot laminated steel in 2013, worth US$128 million. — VNS