Vietnam reduces steel tariffs to stabilize prices

Vietnam reduces steel tariffs to stabilize prices

According to the statement released from Vietnam Finance Ministry, the import tariff on seventeen types of steel products is reduced to 0% effective as of March 1, 2004. This ruling includes the current 5-20% tariff rate on basic steel products and 3-5% tariff rate on steel ingots. The decision of reducing tariff rates on steel imports is taken with the purpose of stabilizing steel prices that have been following an upward trend for a long time, the Finance Minister stated. Domestic steel prices in Vietnam are stated to be high as a result of rise in international prices and Vietnam's dependence on imports. However, the 0% tariff is seen as a temporary solution by the Minister.