Vietnamese exporters have proactively diversified their markets from the start of the year to mitigate risks as they may soon face significant tax hikes globally, said industry insiders and experts.

The US Department of Commerce (DOC) has initiated an anti-dumping and countervailing duty investigation into corrosion-resistant steel (CORE) imported from Vietnam, alongside nine other countries and territories.

The US Department of Commerce (DOC) has received a request for investigation into the alleged circumvention of anti-dumping duties by Vietnam’s corrosion-resistant steel products (CORE) made from cold rolled steel (CRS) and hot rolled steel (HRS) imported from Japan.

The Canada Border Services Agency (CBSA) on October 16 made a final decision on the anti-dumping and countervailing investigation of certain corrosion-resistant steel (COR) sheets imported from several countries, including Vietnam, according to the Ministry of Industry and Trade’s Trade Remedies Authority.

International free trade agreements such as the CPTPP and the EU-Vietnam Free Trade Agreement have opened up unprecedented opportunities for Vietnamese steelmakers with the industry forecast to see robust growth.

Vietnamese steel has faced nearly 10 trade remedy cases in just over a month, which has once again put the industry under great pressure from trade barriers in other countries.

The Ministry of Industry and Trade (MoIT) is working with steel businesses to handle procedures required by the US Department of Commerce (DoC) to seek exemption from duties by proving their products are not made from Chinese materials.

The Vietnam Steel Association has asked the Ministry of Industry and Trade to assist Vietnamese steel producers in anti-dumping investigations of corrosion-resistant steel and cold rolled steels launched by the US.

The Vietnam Steel Association (VSA) will coordinate with the Ministry of Industry and Trade to protect the legitimate rights and interests of local steelmakers who were recently accused of tax evasion by the US Department of Commerce (DOC).

The US Department of Commerce slapped heavy import duties on some steel products from Vietnam after it decided they originated in China, violating the US’s anti-dumping and anti-subsidy orders.

The US DOC announced its preliminary affirmative ruling on corrosion-resistant steel and certain cold-rolled steel flat products imported from Vietnam and produced from substrate originating in China.