Vietnam is planning to increase steel import tariffs

Vietnam is planning to increase steel import tariffs

According to recent news in the market, Vietnamese government is considering to increase steel import tariffs with the purpose of protecting domestic steel industry. Vietnamese Prime Minister Phan Van Khai has recently approved the bill including new regulation concerning steel import tariffs. Under the scope of the bill; import tariff rates, import quota limit, import license and surplus tax on import goods will be rearranged. It is stated that the exports of developing countries and the countries whose exports into Vietnam do not constitute more than 3% of the total exports into country will not be affected from the new regulation.