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According to Reuters, the Vietnamese Ministry of Commerce stated in a statement on April 1st that Vietnam will impose temporary anti-dumping duties of up to 37.13% on certain types of galvanized steel produced in China and up to 15.67% on certain products from South Korea.
The tariffs will take effect on April 16th and are valid for 120 days.
Chinese steel producers, including industry leader Baoshan Steel, will launch a new label with a tax rate of 37.13%. However, Boxing Hengrui New Material and Yieh Phui Technomaterial will be released.
Hyundai Steel in South Korea will face a tariff of 13.7%, while other South Korean steel producers will face a tariff of 15.67%, excluding POSCO, KG Dongbu Steel, and Dongkuk Coated Metal.
Previously, the Vietnam Steel Manufacturers Association attempted to impose tariffs on the domestic steel industry at the end of February, citing import pressure from China and South Korea on galvanized steel.
In February of this year, Vietnam also imposed temporary anti-dumping duties ranging from 19.38% to 27.83% on some hot-rolled steel from China, which will take effect on March 7th.
On Wednesday, the United States announced a 46% tariff on imported goods from Vietnam. It is currently unclear how the actions of the United States will affect the Vietnamese steel industry.
However, the United States has imposed a 25% tariff on all imported steel since March 4th, and has previously imposed anti-dumping duties of over 25% on some Vietnamese steel producers and producers.
