The Ministry of Industry and Trade (MoIT) on September 5 issued theorder to impose tariffs on stainless steel products imported from foureconomies to protect the domestic market.
This is the first timeVietnam has ordered the imposition of duties on imported stainlesssteel products following its integration into the world economy. TheMoIT's Decision No. 7896/QD-BCT imposes tariffs ranging from 10.71percent to 37.29 percent on stainless steel from mainland China, Taiwan,Indonesia and Malaysia.
Under the decision, which takes effect30 days from the day it was signed, duties will be imposed specificallyon cold-rolled stainless steel products classified under HarmonizationSystem 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 highest duty, at37.29 percent, is to be imposed on Yuan Long Stainless Steel Corporationof Taiwan. Other Taiwanese steel manufacturers such as Yieh UnitedSteel Corporation will be subjected to a 13.79 percent tariff.
Amongthe Chinese steel manufacturers, Fujian Southeast Stainless SteelCompany Ltd, will be assessed a 6.87 percent tariff while LianzhongStainless Steel Corporation will be paying a 4.64 percent tarrif andFujian Southeast Stainless Steel Company Ltd, 6.58 percent.
PTJindal Stainless Indonesia and other Indonesian steel manufacturers willbe assessed a 3.07 percent duty while Bahru Stainless Sdn Bhd and otherMalaysian manufacturers will be subjected to a 10.71 percent tariff.
InJuly 2013, the MoIT's Vietnam Competition Authority (VCA) initiated ananti-dumping investigation on stainless steel imports at the request ofPosco VST and Hoa Binh Inox, which have urged the imposition ofanti-dumping duties on stainless steel products from the four markets.
Thetwo manufacturers account for 80 percent of Vietnam's inox marketshares. They have complained about increasing losses, falling revenuesand prices and high inventories resulting from competition with cheapimported products, which were up to 25 percent lower in price than theirown products.
At present, imported cold-rolled steel productsare charged a zero to 10 percent import tax based on their origin. Thezero percent tax rate applies to products from China and the ASEANnations in compliance with commitments made by Vietnam under ASEAN FreeTrade Agreements.
In December 2013, the VCA concluded itsinvestigation and said the steel manufacturers of the four economies hadshowed signs of dumping products in the Vietnamese market and forcingthe domestic steel industry to suffer heavy losses.
The VCA thenproposed that anti-dumping tariffs, ranging from 6.45 percent to 30.73percent, on stainless steel imports from these markets be imposed within120 days.
On August 13, the assembly reviewing the anti-dumpingtariffs met and agreed to impose duties that were higher than thoseproposed by the VCA last year.-VNA
This is the first timeVietnam has ordered the imposition of duties on imported stainlesssteel products following its integration into the world economy. TheMoIT's Decision No. 7896/QD-BCT imposes tariffs ranging from 10.71percent to 37.29 percent on stainless steel from mainland China, Taiwan,Indonesia and Malaysia.
Under the decision, which takes effect30 days from the day it was signed, duties will be imposed specificallyon cold-rolled stainless steel products classified under HarmonizationSystem 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 highest duty, at37.29 percent, is to be imposed on Yuan Long Stainless Steel Corporationof Taiwan. Other Taiwanese steel manufacturers such as Yieh UnitedSteel Corporation will be subjected to a 13.79 percent tariff.
Amongthe Chinese steel manufacturers, Fujian Southeast Stainless SteelCompany Ltd, will be assessed a 6.87 percent tariff while LianzhongStainless Steel Corporation will be paying a 4.64 percent tarrif andFujian Southeast Stainless Steel Company Ltd, 6.58 percent.
PTJindal Stainless Indonesia and other Indonesian steel manufacturers willbe assessed a 3.07 percent duty while Bahru Stainless Sdn Bhd and otherMalaysian manufacturers will be subjected to a 10.71 percent tariff.
InJuly 2013, the MoIT's Vietnam Competition Authority (VCA) initiated ananti-dumping investigation on stainless steel imports at the request ofPosco VST and Hoa Binh Inox, which have urged the imposition ofanti-dumping duties on stainless steel products from the four markets.
Thetwo manufacturers account for 80 percent of Vietnam's inox marketshares. They have complained about increasing losses, falling revenuesand prices and high inventories resulting from competition with cheapimported products, which were up to 25 percent lower in price than theirown products.
At present, imported cold-rolled steel productsare charged a zero to 10 percent import tax based on their origin. Thezero percent tax rate applies to products from China and the ASEANnations in compliance with commitments made by Vietnam under ASEAN FreeTrade Agreements.
In December 2013, the VCA concluded itsinvestigation and said the steel manufacturers of the four economies hadshowed signs of dumping products in the Vietnamese market and forcingthe domestic steel industry to suffer heavy losses.
The VCA thenproposed that anti-dumping tariffs, ranging from 6.45 percent to 30.73percent, on stainless steel imports from these markets be imposed within120 days.
On August 13, the assembly reviewing the anti-dumpingtariffs met and agreed to impose duties that were higher than thoseproposed by the VCA last year.-VNA
