The ministry has asked the parties to supplement the proposal dossier and has not yet concluded whether to investigate or not, said Tân, adding that the relevant agencies must solve the case according to current regulations, and also study practice and evidence before making the final conclusion.

On March 19, 2024, two steel manufacturing enterprises, including Hòa Phát Group and Formosa Hà Tĩnh Steel Corporation, sent a request to initiate an anti-dumping investigation to the Trade Remedies Authority of Việt Nam regarding HRC products imported from China to Việt Nam.

The reason for this request is the sudden increase in imported steel volume along with a sharp decrease in the price of HRC steel from China.

However, other seven businesses operating in the steel and galvanised industry have argued that there is no legal basis to initiate anti-dumping investigations against HRC imported from China to Việt Nam.

They are Hoa Sen Group (HSG), TVP Steel Corporation, Nam Kim Steel Joint Stock Company, Đông Á Steel Joint Stock Company, Southern Steel Company, Pomina Steel Corporation, and Vina One Steel Manufacturing Corporation.

They have also expressed concerns that conducting anti-dumping investigations could have negative consequences not only for the steel industry but also for the entire Vietnamese economy.

These companies emphasised that HRC is a primary material for producing various steel products used in many sectors such as construction, mechanics, and other industrial fields. Any negative fluctuations in the HRC supply could affect the entire steel industry.

At present, only two companies, Hòa Phát and Formosa Hà Tĩnh, produce HRC in Việt Nam.

In the first two months of the year, Việt Nam imported 2.65 million tonnes of iron and steel, nearly doubling against the same period last year. Of which, the volume of steel imported from China was 1.8 million tonnes, an increase of three times in volume and 2.4 times in value.

Việt Nam imported 1.89 million tonnes of hot rolled coil in the first two months with a value of over US$1 billion. Of which, the import from China was 1.4 million tonnes, accounting for 74.2 per cent of the total import. — VNS