Thursday, 10:55 04/07/2019
Vietnam steel using local substrate not subject to US's latest duties: Trade authority
Vietnam’s Ministry of Industry and Trade (MoIT) has been cooperating with the Vietnam Steel Association and local companies to provide information for the US regarding steel production process in Vietnam.
The US Department of Commerce's recent duties of up to 456% on certain steel products from Vietnam are not applicable to the ones using local substrate or countries other than South Korea and Taiwan, stated Trade Remedies Authority of Vietnam in a statement.
Bloomberg previously reported the US Commerce Department decided to impose import duties on US-bound corrosion-resistant steel products and cold-rolled steel that were actually produced in South Korea and Taiwan before being shipped to Vietnam for minor processing.
US customs officials have been ordered to collect cash deposits at rates as high as 456.23% on imports of the steel products produced in Vietnam using material from South Korea and Taiwan.
According to Vietnam’s trade authority, the announcement was part of an investigation initiated by the US on August 2, 2018, following the country’s decision to impose anti-dumping duties on the same steel products originated from Taiwan and South Korea in 2016.
During the investigation, Vietnam’s Ministry of Industry and Trade (MoIT) has been cooperating with the Vietnam Steel Association and local companies to provide information for the US regarding steel production process in Vietnam.
The MoIT already warned Vietnamese companies over US tightening import procedures and trade protection measures and encouraged the use of locally made input materials or from other countries.
In the meantime, the MoIT would continue to work with related parties to protect the rights of local enterprises in compliance with local laws and regulation of the World Trade Organization, while preventing trade fraud activities.
Illustrative photo.
|
US customs officials have been ordered to collect cash deposits at rates as high as 456.23% on imports of the steel products produced in Vietnam using material from South Korea and Taiwan.
According to Vietnam’s trade authority, the announcement was part of an investigation initiated by the US on August 2, 2018, following the country’s decision to impose anti-dumping duties on the same steel products originated from Taiwan and South Korea in 2016.
During the investigation, Vietnam’s Ministry of Industry and Trade (MoIT) has been cooperating with the Vietnam Steel Association and local companies to provide information for the US regarding steel production process in Vietnam.
The MoIT already warned Vietnamese companies over US tightening import procedures and trade protection measures and encouraged the use of locally made input materials or from other countries.
In the meantime, the MoIT would continue to work with related parties to protect the rights of local enterprises in compliance with local laws and regulation of the World Trade Organization, while preventing trade fraud activities.
