Vietnamese steel firms may submit the case related to the US’s plan to restrict the import of steel and aluminum products to the WTO, if necessary - Illustrative image (Source: VNA)Hanoi (VNA) – The Vietnam SteelAssociation (VSA) has said it and Vietnamese steel firms may submit the caserelated to the US’s plan to restrict the import of steel and aluminum productsto the WTO, if necessary.
The organisation stated that after theannouncement on March 2 of President Trump on a 25 percent tariff on all steel imports,it is working with State agencies such as the Vietnam Competition Authority andthe Industry and Trade Ministry’s Import-Export Department and enterprises toroll out measures to timely respond and reduce risks for Vietnamese steel makers.
The VSA and steel enterprises hope that the VietnameseGovernment, through negotiations on the Vietnam-US Bilateral Trade Agreement, willask the US side not to apply the above-mentioned import restriction.
The MoIT’s Departmentof Trade Defence said it haskept close watch on the case from the beginning, and coordinated with VSA and relevantagencies and enterprises in and outside the country to share information and dealwith the case.
Vietnamese imports accounted for a negligibleshare of the total US steel and aluminium imports, the department noted.
The MoIT said it wouldkeep following the progress of the case and is considering all solutions toensure the justifiable rights and interests of Vietnamese businesses.
On March 1, representatives from VSA and relevant steel enterprises had aworking session with the Department of Trade Defence andrelevant agencies of the MoIT to discuss ways to effectively coordinate in thecase.
According to reports of VSA, Vietnam’s steel sector exported morethan 5.5 million tonnes of steel worth 3.64 billion USD in 2017, marking anincrease of 28.5 percent in volume and 45.4 percent in value compared to 2016.
Of the exports, ASEAN countries imported 59.3 percent of Vietnam’ssteel, while the US imported 11.1 percent.
The association haspredicted a year-on-year increase of 20-22 percent in steel production thisyear.-VNA
VNA
