MOIT, in its statement, said the examination aims to ensure that trade relations between Vietnam and other countries exist in an equal and transparent manner, in line with international commitments, and meet the interests of Vietnam.

The big volume of aluminum was imported from Mexico and is being kept at the Global Aluminum Company, headquartered in Ba Ria – Vung Tau province.

MOIT has promised not to interrupt the company’s normal operation during the examination process.

The Global Aluminum Company is owned by two Chinese Australian persons Jacky Cheung and Wang Tong. The former contributes VND500 billion, and the latter VND4.5 trillion.

The project investment license was granted by the Ba Ria – Vung Tau provincial Industrial Zone Board of Management. The company has the operation duration of 37 years, commencing from 2011. All the products made by the factory will be exported, about 200,000 tons per annum.

Though MOIT stated the examination of the aluminum stockpile is a ‘usual activity’, it still caught special attention from the public, because the Wall Street Journal once reported that the huge aluminum stockpile in Vung Tau is likely to belong to China Zhongwang, a large aluminum conglomerate put under the control of Liu Zhongtian, a Chinese billionaire.

Liu is among the Chinese richest billionaires with total assets estimated by Forbes at $3.2 billion, mostly from aluminum trade.

Though MOIT stated the examination of the aluminum stockpile is a ‘usual activity’, it still caught special attention from the public, because the Wall Street Journal once reported that the huge aluminum stockpile in Vung Tau is likely to belong to China Zhongwang, a large aluminum conglomerate put under the control of Liu Zhongtian, a Chinese billionaire.

In 2009, China Zhongwang made IPO (initial public offering), which helped it mobilize more resources to step up business. 

In the same year, the aluminum exports from China to the US increased sharply to 192,000 tons, twice as much as 2008. Meanwhile, according to GTIS, the aluminum import price in the US dropped dramatically by 30 percent.

The unusual flow of aluminum then raised suspicion among the US agencies. 

After some investigations, China Zhongwang and some other aluminum manufacturers have been accused of dumping aluminum in the US. In 2010, the anti-dumping duty of 374 percent was imposed on aluminum imports from China.

WSJ asserted that Chinese aluminum firms, including Liu’s, have to dodge laws to export to the US. China Zhongwang has been suspected of exporting aluminum through third countries, including Mexico and Vietnam, which do not pay the high anti-dumping duty.

The aluminum exports to US from Vietnam are taxed 5 percent, much lower than the anti-dumping duty of 374 percent imposed on imports from China.

According to WSJ, China Zhongwang and Liu have denied the accusations.

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Mai Thanh