A colour-coated steel manufacturing line of Hoa Phat Group in the northern province of Hung Yen. The local steel industry is reportedly decreasing in production output, sales volume, revenue, profit and market share since last year. — Photo baodautu.vn

Under the ministry’s Decision No. 3198/QĐ-BCT, the anti-dumping tax rate applicable to colour-coated steel exporting enterprises of China is from 2.53 per cent to 34.27 per cent and of RoK is from 4.71 per cent to 19.25 per cent.

MoIT said it started the investigation in October last year, based on the evaluation results of a dossier requesting the application of anti-dumping measures submitted by representatives of the domestic steelmakers in August 2018.

It co-ordinated with relevant agencies to assess the dumping’s impact on the domestic steel industry. The investigation was conducted in accordance with the provisions of the Law on Foreign Trade Management, the WTO Anti-Dumping Agreement and related regulations.

“There are sufficient grounds to issue a decision on the application of anti-dumping measures. There are existing dumping acts on colour-coated steel products imported from China and RoK, which are being dumped at a relatively high margin,” the MoIT said.

“Dumping behaviour is the main cause of significant damage to the domestic steel manufacturing industry.”

The ministry said that the dumping acts had put considerable pressure on the domestic industry, proved by decreases in indices such as production output, sales volume, revenue, profit and market share, and increase in inventories. Since May last year to date, many domestic steelmakers suffered losses, many production lines had to stop operating and many workers had to quit their jobs.

The anti-dumping measure officially came into force on October 24 this year. Relevant parties can submit application to the MoIT to conduct investigation and review of issues related to the products, anti-dumping tax rates applied for exporters or current tax rates applicable to foreign steelmakers and exporters in accordance with Vietnam’s trade remedies law. VNS

Vietnam's anti-dumping duties on steel products extended for 5 more years

The Ministry of Industry and Trade (MoIT) has decided to extend the anti-dumping duties on cold-rolled stainless steel products originated from China, Indonesia, Malaysia and Taiwan (China) for an additional five years, starting from October 26.

Vietnam trade ministry extends anti-dumping duties on Chinese steel to 5 years

The market share of domestic companies witnessed a decrease during the 2018 - 2019 period and currently reaches 42.8%, indicating foreign companies are selling below their home markets prices.