US slaps heavy duties on Vietnamese steel

19-Dec-2019 Intellasia | The SaigonTimes | 6:02 AM Print This Post

The US Department of Commerce (DOC) on December 16 announced the imposition of duties of up to 456 percent on corrosion-resistant and cold-rolled steel produced in Vietnam using a substrate of South Korean or Taiwanese origin.

DOC noted in a statement that it had found that steel products from South Korea or Taiwan were shipped to Vietnam for minor processing and then exported to the United States, circumventing US antidumping and antisubsidy duties.

Vietnam’s corrosion-resistant and cold-rolled steel using local materials or those imported from other countries and territories will not be subject to these duties.

In early July, DOC issued the preliminary results of an antidumping and antisubsidy investigation into Vietnam’s corrosion-resistant and cold-rolled steel using materials imported from Taiwan and South Korea.

The processing of the two steel products in Vietnam was found to be insignificant, allowing the evasion of the antidumping and antisubsidy duties imposed by the United States on steel products from Taiwan and South Korea.

The Ministry of Industry and Trade has warned local enterprises of stricter regulations on trade remedies in importing countries so that enterprises can work out appropriate business strategies, specifically using local materials.


Category: Economy, Vietnam

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