Vietnamese Ministry of Trade demands increase in steel duties

Vietnamese Ministry of Trade demands increase in steel duties

According to recent news in the market, Vietnamese Ministry of Trade (MOT) officially presented to the government its petition, stating its demand for increase in duties on imported ingot and finished steel products. As reported by SteelOrbis, Vietnamese steel producers demanded government to increase duties on imported steel products due to fairly high supply levels in domestic market. Accordingly MOT agreed to consider increasing the import tariffs, in order to avoid surge of steel products in domestic market. In Vietnam, import tariff on seventeen types of steel products was reduced to 0% effective as of March 1, 2004. However, producers demand duties on imported steel products from ASEAN countries to be 10% and for imports from non-ASEAN countries to be 20%.