Steel production at Thai Nguyen Iron and Steel Corporation. (Photo: VNA)Hanoi, (VNS/VNA) — A recent rise inanti-dumping lawsuits in the local steel industry has steelmakers worried.
Statistics from the Vietnam Steel Association(VSA) show that in the first eight months of the year, steel exports were 41percent higher than in the same period last year, reaching 4.5 million tonnesworth 2.99 billion USD.
The ASEAN region remains the biggest market forVietnamese steel. Cambodia accounted for the largest portion of Vietnam’s totalsteel exports at 34.9 percent, followed by Malaysia, Indonesia, the Philippinesand Thailand.
However, the association said the domestic industry faced fierce competitionfrom imported steel and anti-dumping lawsuits from importers.
According to the Trade Remedies Authority of Vietnamunder the Ministry of Industry and Trade, the sector faced 10 such lawsuits inAugust. Steel has always been the most prosecuted industry with eight lawsuitsper month.
The Thai Ministry of Commerce extended a safeguard measure for non-alloy andnon-coil coated steel sheets for the second time. The EU has appliedprovisional safeguards in its investigation of three Vietnamese steel products.The Malaysian Ministry of Industry and Trade has initiated anti-dumpinginvestigations for certain iron and steel products made of ore imported fromChina and Vietnam.
In addition, the US Department of Commerce (DOC) is investigating unsubsidisedsteel products imported from Vietnam due to suspected tax evasion.
Economists said the rising number of lawsuits was unavoidable as Vietnam’seconomy had integrated into the regional and world economies.
However, the fact that familiar ASEAN markets such as Thailand and Malaysiaalso initiated lawsuits was a worry for Vietnam’s steel industry.
For this reason, the MoIT was supporting steelmakers in investigations whilehelping them improve competitiveness and stop relying on imported materials.
In addition, steel producers should keep close tabs on the whole productionprocess to be able to disprove accusations of evading taxes. –VNS/VNA
Statistics from the Vietnam Steel Association(VSA) show that in the first eight months of the year, steel exports were 41percent higher than in the same period last year, reaching 4.5 million tonnesworth 2.99 billion USD.
The ASEAN region remains the biggest market forVietnamese steel. Cambodia accounted for the largest portion of Vietnam’s totalsteel exports at 34.9 percent, followed by Malaysia, Indonesia, the Philippinesand Thailand.
However, the association said the domestic industry faced fierce competitionfrom imported steel and anti-dumping lawsuits from importers.
According to the Trade Remedies Authority of Vietnamunder the Ministry of Industry and Trade, the sector faced 10 such lawsuits inAugust. Steel has always been the most prosecuted industry with eight lawsuitsper month.
The Thai Ministry of Commerce extended a safeguard measure for non-alloy andnon-coil coated steel sheets for the second time. The EU has appliedprovisional safeguards in its investigation of three Vietnamese steel products.The Malaysian Ministry of Industry and Trade has initiated anti-dumpinginvestigations for certain iron and steel products made of ore imported fromChina and Vietnam.
In addition, the US Department of Commerce (DOC) is investigating unsubsidisedsteel products imported from Vietnam due to suspected tax evasion.
Economists said the rising number of lawsuits was unavoidable as Vietnam’seconomy had integrated into the regional and world economies.
However, the fact that familiar ASEAN markets such as Thailand and Malaysiaalso initiated lawsuits was a worry for Vietnam’s steel industry.
For this reason, the MoIT was supporting steelmakers in investigations whilehelping them improve competitiveness and stop relying on imported materials.
In addition, steel producers should keep close tabs on the whole productionprocess to be able to disprove accusations of evading taxes. –VNS/VNA
VNA
