MoIT extends tariffs on Chinese steel imports

May 03, 2016 | 20:14

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The Ministry of Industry and Trade (MoIT) has acted to protect thousands of steelworker jobs across the country, by extending some of the biggest tariffs of recent years on steel imports from four countries.

moit extends tariffs on chinese steel imports hinh 0

The MoIT has found that China, Indonesia, Malaysia and Taiwan have been dumping cold-rolled steel or selling it for less than its fair-market value and has enacted new tariff rates that come into effect as of May 14.

The new rates on stainless steel from mainland China range from 17.47%-25.35%, inclusive and run through October 6, 2019.

New rates imposed on Indonesia, Malaysia and Taiwan (China) are 13.03%, 9.55% and 13.79%-37.29%, respectively.

Market analysts said the decision is welcome news to the steelworkers of Vietnam who produce steel products and are a giant step forward in the fight to make our nation's trade policies more aptly benefit working Vietnamese.

Earlier, the MoIT ordered the imposition of duties ranging from 3.07% to 37% on imported stainless steel products from these same four countries effective October 15, 2014 to May 13, 2016.

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