The Vietnamese Ministry of Industry and Trade has announced a significant shift in its trade policy by removing anti-dumping duties on cold-rolled stainless steel products imported from four Asian markets. This decision, announced on Tuesday, marks a major change in Vietnam's approach to regional steel trade and reflects the country's commitment to international trade regulations.
The policy change affects steel imports from mainland China, Taiwan, Indonesia, and Malaysia, covering a wide range of cold-rolled stainless steel products. These products are classified under specific HS codes including 7219.32.00, 7219.33.00, 7219.34.00, 7219.35.00, 7219.90.00, 7220.20.10, 7220.20.90, 7220.90.10, and 7220.90.90. The comprehensive range of affected products indicates the substantial impact this decision will have on regional steel trade dynamics.
The ministry's decision follows a thorough sunset review process initiated on October 23, 2023. This review carefully evaluated the necessity of maintaining anti-dumping measures and assessed their socio-economic impact on Vietnam's domestic market. The investigation considered multiple factors, including the effects on local manufacturers, consumer interests, and overall market stability.
The removal of these trade barriers aligns Vietnam with World Trade Organisation regulations and the country's Law on Foreign Trade Management. This alignment demonstrates Vietnam's commitment to participating in fair international trade practices while maintaining compliance with global trade standards. The decision reflects a balanced approach between protecting domestic interests and fostering regional trade relationships.
The ministry has emphasized its ongoing commitment to market supervision, stating it will work closely with relevant agencies to monitor steel imports. This monitoring aims to ensure compliance with both international commitments and domestic laws, maintaining a balance between open trade and market protection. The oversight will help protect the legitimate interests of both local manufacturers and consumers in the Vietnamese market.
