Vietnam not to reduce import tax on billets

Vietnam not to reduce import tax on billets

Vietnamese Ministry of Finance (MOF) rejected the proposal to reduce import tax rate on steel billets from 5% to 0%. As reported by SteelOrbis last week, the Vietnam Steel Association (VSA) suggested that the government consider lifting the 5% import duty on billets since China's decision to lift the 13% export rebate on steel billets adversely affected the Vietnamese market. However, MOF rejected the proposal and instead recommended that the enterprises to increase billet production in order to control prices. The fact that Vietnam currently produces 20% of domestic billet requirement forces industry to depend on imports.