Vietnam unlikely to reduce duty on imported steel ingot

Vietnam unlikely to reduce duty on imported steel ingot

SteelOrbis reported last week that the Vietnamese Ministry of Trade (MOT) submitted a proposal to the Ministry of Finance (MOF) for a reduction of import duties on steel ingots from 5% to 0% applicable for the imports of subject merchandise both from inside and outside of ASEAN (Association of Southeast Asian Nations) countries. The proposal was put forth in order to provide stability in retail steel prices in the domestic market. The MOF announced yesterday that reduction in the duties is not necessary since steel ingot just accounts for 20% of the market share. Moreover, keeping the duties would not injure domestic enterprises, the MOF claimed. Instead, the MOF stated that reducing cost of finished products would protect consumers' benefits.