Vietnam levies 1st anti-dumping taxes on imported stainless steel

Vietnam levied anti-dumping taxes on imported stainless steel products from China, China's Taiwan, Indonesia and Malaysia, which is the first time Vietnam has imposed anti-dumping duties on imported products.

According to a decision issued by Vietnam's Ministry of Industry and Trade (MoIT) late last week, anti-dumping duties will be imposed specifically on cold-rolled stainless steel products classified under Harmonization System Codes or HS Code of 7219.32. 00, along with 7219.33.00, 7219.34.00, 7219.35.00 and 7219.90.00, as well as 7220.20.10, 7220.20.90, 7220.90.10 and 7220.90.90.

The new tariffs will range from 10.7 percent to 37.29 percent, with the highest level to be imposed on Yuan Long Stainless Steel Corporation of China's Taiwan.

The ministry said on its decision posted on MoIT website that the duties will be applied 30 days after the signing which dated on Sept. 5, 2014.

At present, imported cold-rolled steel products are charged a zero to 10 percent import tax based on their origin. The zero tax rate was applied to products from China and members of the Association of Southeast Asian Nations (ASEAN) in compliance with commitments made by Vietnam under ASEAN Free Trade Agreements, reported Vietnam's state-run news agency VNA Monday.

Earlier in July 2013, Vietnam Competition Authority (VCA) under MoIT initiated an anti-dumping investigation on stainless steel imports at the request of a South Korean joint venture Posco VST and Vietnam's Hoa Binh Inox, the two manufacturers who account for 80 percent of Vietnam's inox market shares, urging the imposition of anti-dumping duties on stainless steel products from China, China's Taiwan, Indonesia and Malaysia.