According to a new decision announced by the Vietnamese Ministry of Finance on October 28, the country's new export tariff for steel billet will be reduced to zero percent from the current level of five percent as of November 7.
This adjustment is the third tax cut for Vietnam's steel billet exports over the past couple of months, as the Ministry of Finance first reduced the steel billet export tax by half from 20 percent to 10 percent in late September and further cut the tax to five percent in early October, as previously reported by SteelOrbis.
The decision aims at helping to ease the current situation faced by domestic steel producers, as their billet and finished steel products held in stock have exceeded one million mt.
SteelOrbis also reported in mid-October that the country's import duty on finished steel is proposed to be increased to 25 percent from its current level of eight percent, according to a proposal submitted to the Ministry of Finance.