09:06 | 07/01/2016 Trade
Vietnam imported more than 1.25 million tons of steel last December, bringing the total imports volume in 2015 to more than 15 million tons which was valued at US$7.3 billion, according to latest statistics from the General Department of Vietnam Customs.
Most of the imported steel products came from China, Japan, the Republic of Korea (RoK) and Taiwan, of which those from China accounted for over 50%.
Imports volume jumped 28% while value dipped more than US$500 million compared to 2014.
Cheap imported steel flooding the domestic market caused numerous difficulties for domestic businesses. The Ministry of Industry and Trade has recently decided to conduct an investigation against imported steel ingots and steel bars for the application of safeguards.
The investigation was carried out following the proposal of four local steel companies, Hoa Phat Steel Joint Stock Company, Southern Steel Company, Thai Nguyen Iron and Steel Joint Stock Corporation, and Viet Y Steel Joint Stock Company, who accounted for 34% of the domestic output.
The plaintiffs proposed the imposition of a tax rate of 45% on imported steel ingots and 33% on steel bars produced from imported steel ingots in 200 days before the conclusion of the final investigation.
They gave proof that import of steel ingots rose quickly from 588,000 tons in 2014 to around 1.5 million tons in 2015 and steel bars from nearly 830,000 ton in 2014 to more than 1.2 million in 2015.
Domestic production just increased by 5-10% while imports skyrocketed by 150-160% in 2015./.