The Vietnam Steel Association (VSA) has said it and Vietnamese steel firms may submit the case related to the US’s plan to restrict the import of steel and aluminum products to the WTO, if necessary.

Vietnamese steel firms may submit the case related to the US’s plan to restrict the import of steel and aluminum products to the WTO, if necessary - Illustrative image

The organisation stated that after the announcement on March 2 of President Trump on a 25 percent tariff on all steel imports, it is working with State agencies such as the Vietnam Competition Authority and the Industry and Trade Ministry’s Import-Export Department and enterprises to roll out measures to timely respond and reduce risks for Vietnamese steel makers.

The VSA and steel enterprises hope that the Vietnamese Government, through negotiations on the Vietnam-US Bilateral Trade Agreement, will ask the US side not to apply the above-mentioned import restriction. 

The MoIT’s Department of Trade Defence said it has kept close watch on the case from the beginning, and coordinated with VSA and relevant agencies and enterprises in and outside the country to share information and deal with the case. 

Vietnamese imports accounted for a negligible share of the total US steel and aluminium imports, the department noted.

The MoIT said it would keep following the progress of the case and is considering all solutions to ensure the justifiable rights and interests of Vietnamese businesses.

On March 1, representatives from VSA and relevant steel enterprises had a working session with the Department of Trade Defence and relevant agencies of the MoIT to discuss ways to effectively coordinate in the case. 

According to reports of VSA, Vietnam’s steel sector exported more than 5.5 million tonnes of steel worth 3.64 billion USD in 2017, marking an increase of 28.5 percent in volume and 45.4 percent in value compared to 2016.

Of the exports, ASEAN countries imported 59.3 percent of Vietnam’s steel, while the US imported 11.1 percent.

The association has predicted a year-on-year increase of 20-22 percent in steel production this year.-VNA