The Vietnamese Ministry of Industry and Trade decided to re-impose anti-dumping measures on galvanized steel products of Chinese and Korean origin on June 14, 2024. On the same day, it launched a new anti-dumping investigation against hot-rolled steel products from India and China. These decisions aim to protect local steel producers from foreign competition.
Vietnam is also conducting inspections on cold-rolled stainless steel and painted steel products to evaluate the effectiveness of trade defense measures in the steel industry. Extending anti-dumping measures for another 5 years is also on the agenda.
Trade defense cases against Vietnam's steel exports have an important place in the country's trade policies. As of the end of May 2024, approximately 30% of the total trade defense cases filed against Vietnam were related to steel products. These cases examine a variety of products such as galvanized steel, cold-rolled stainless steel, color-coated steel, and generally take place in Vietnam's main steel export markets.
Pham Cong Thao, Deputy General Manager of Vietnam Steel Corporation, stated that domestic steel enterprises are under great pressure due to imported steel products. The country imported 14 million tons of steel in 2023, and this creates a serious competitive environment for local producers. Trade defense policies are implemented by the government to support Vietnam's steel industry, and these measures are critical to protecting domestic industry and promoting economic development.
Chu Thang Trung, Deputy Director of the Ministry of Trade Defense, emphasized that the trade defense measures implemented by Vietnam are in line with international commitments and stated that these measures help protect the domestic industry from unfair competition and provide added value to the economy.
Vietnam continues to take steps to protect domestic production by maintaining trade defense measures while tackling current challenges in the steel industry.
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