Vietnam imposes anti-dumping duties on steel from China, South Korea
THE HANOI TIMES — Certain galvanized steel products from China and South Korea will be subject to temporary anti-dumping duties ranging from 15.67% to 37.13% beginning in April.
This was announced in Decision 914 of the Ministry of Industry and Trade (MoIT), which instituted these temporary tariffs on galvanized steel (also known as coated steel) from both countries.
Steel production at the Hoa Phat Group. Photo: Hoa Phat Group
The highest anti-dumping tariff of 37.13% will apply to products from China while those from South Korea will face a tariff of 15.67%. This is the second anti-dumping measure on steel products this year, following the imposition of similar tariffs on hot-rolled coil steel from India and China on February 21. The measures were taken in response to complaints filed by the Hoa Phat Group and Formosa.
The ruling comes after an investigation launched by the MoIT in response to a petition from five companies: Hoa Sen Group, Nam Kim, Phuong Nam Steel, Dong A Steel, and China Steel & Nippon Steel Vietnam. The ministry's investigation, conducted under the Foreign Trade Management Law, assessed the impact of import dumping practices on the domestic steel industry, carefully examining the extent of dumping by Chinese and South Korean producers and exporters.
According to Vietnam's customs data, imports under investigation reached 454,000 tons in the 12 months ending March 2024, rocketing 91% year-on-year. Notably, after the MoIT initiated the case in June 2024, imports of galvanized steel from China and South Korea continued to rise significantly. In the last nine months of 2024, imports jumped by 20%, reaching nearly 382,000 tons.
In response to these trends, the MoIT decided to impose temporary anti-dumping measures to curb the rapid growth of imports which could cause serious harm to the domestic industry. The MoIT said it will continue to work with relevant parties to gather and verify information, and a final conclusion will be made based on a comprehensive impact assessment.
Previously, anti-dumping duties on galvanized steel were applied from September 2016 to May 2022. Analysts believe that Hoa Sen Group, which holds a dominant 27.6% market share in the galvanized steel segment according to the latest data from the Vietnam Steel Association (VSA), will be the biggest beneficiary of these new tariffs. Other manufacturers, such as Nam Kim and Dong A Steel, are also expected to benefit as domestic competition subsides, supporting higher prices.
