Vietnam applies five-year anti-dumping duties on China's cold-rolled steel
|Vietnamese steel exports to China surge 12 times in ten months|
|Vietnam spends more than 6 billion USD on importing iron and steel|
|Steel exports to China surge 19 times in eight months|
|The decision was made after considering the harmony of interests of local producers and downstream industries using cold-rolled steel. Photo: Nhan dan (People) newspaper|
Vietnam has imposed anti-dumping duties on some coil or sheet cold-rolled steel products that originated from China for five years starting Dec. 28, with the dumping margin ranging between 4.43 percent and 25.22 percent, according to the Ministry of Industry and Trade.
The ministry said its decision was made after considering the harmony of interests of local producers and downstream industries using cold-rolled steel.
An investigation initiated by the MoIT in September found that cold-rolled steel imports from China reached 272,073 tons during the period of review, accounting for 65.5 percent of total cold-rolled steel imports to Vietnam.
Such figures represent a sharp increase in imported Chinese cold-rolled steel compared with manufacturing output in Vietnam, the main reason for the negative impact on the production of similar products by local producers.
|A file picture of a worker cutting steel in Qingdao in China's eastern Shandong province. Photo: Agence France-Presse|
The domestic manufacturing sector is facing substantial damage as seen across most indicators, especially profit, inventory and market share, VGP reported.
“A high volume of cold-rolled steel products from China is causing negative impacts on the production of similar locally-produced ones, putting the domestic manufacturing sector under considerable threats,” stated the MoIT, referring to poor performance of key indicators such as profit, inventory or market share.
Vietnam’s trade deficit with China reached US$31.4 billion in the first 11 months of this year, slightly up the same period last year, official data showed.
Vietnam imported $4 billion worth of steel products between January and November, up nearly 9 percent year-on-year, with 54 percent of it from China, VnExpress cited the data by Vietnam Customs.
Under Vietnamese regulations, anti-dumping measures are effective for five years from the date on which they come into force and the parties concerned can submit requests for a review annually./.
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