Anti-dumping duties on steel products extended for 5 more years
HANOI, VNA – 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.
According to the ministry, five years on since its imposition of anti-dumping duties, the domestic steel production sector has gradually recovered but the growth rate remains instable and is on a declining trend.
In the 2018 – 2019 period, the maximum production capacity stood at only 69.4 percent, with production growing 1 percent and sale volume down 5 percent.
The market share of domestic companies went up following the imposition but decreased during the 2018-2019 period, to 42.8 percent. Turnover of the domestic steel production sector also grows by only 4.69 percent at present.
Those statistics showed there is a close link between dumping act from foreign companies and the potential damage to local production, stated the MoIT.
Vietnamese law on foreign trade management stipulates that the Ministry of Industry and Trade could apply anti-dumping duty retrospectively to the imported products if they are determined to cause possible significant loss or serious injury to domestic industry.
The ministry began to conduct the final review on the target products at the end of October 2018. – VNA