The Vietnamese Ministry of Industry and Trade has announced the suspension of the license regime for exports of steel.
According to the official resolution No. 30/ for 2008/ QĐ-BCT, signed by the ministry on August 22, Vietnam has freed exporters from a temporary obligation to apply for export licenses for steel products falling under HS Code group 72, which was to be in place for the period from July 1 to December 31, 2008. The decision will come into effect 15 days following its publication in the official gazette.
The decision has been welcomed by many Vietnamese exporters, who have collected a large amount of stocks due to the current low level of demand in the domestic market.