Vietnam’s industry and trade ministry has announced that the country’s safeguard duties on billet, rebar and wire rod imports have been extended until 2023. The duty rates will gradually decline within three years. After March 2023, the duties will be zero unless the ministry decides to extend them one more time.
Until March 21, 2021, the duties will stand at 15.3 percent for billet and 9.4 percent for rebar and wire rod. In the second year, the duties will be reduced to 13.3 percent for billet and 7.9 percent for rebar and wire rod products, and in the third year through March 21, 2023, they will drop to 11.3 percent and 6.4 percent for billet and for rebar and wire rod, respectively.
The extension of these measures is likely to help the domestic steel industry to overcome the challenges brought by the coronavirus, SteelOrbis understands.
The products subject to the duty currently fall under Customs Tariff Statistics Position Numbers 7210.61.11, 7210.61.12, 7210.61.19, 7210.61.91, 7210.61.92, 7210.61.99, 7212.50.23, 7212.50.24, 7212.50.29, 7210.61.31, 7210.61.39, 7210.61.90, 7210.61.11, 7210.61.12, 7210.61.19, 7210.61.91, 7210.61.92, 7210.61.99, 7212.50.21 and 7212.50. 22.