Ministry of Industry and Trade investigates hot-rolled steel imported from India and China

The Ministry of Industry and Trade has issued Decision No. 1895 on the investigation and application of anti-dumping measures on some hot-rolled steel (HRC) products originating from India and China. The data collection period to assess the damage to the domestic manufacturing industry is 3 years, from July 1, 2021 to June 30, 2024.

According to the decision made, Trade Defense Department will conduct an investigation to apply anti-dumping measures on hot-rolled steel products (HRC) originating from India and China for 28 Import commodity classification code.

The investigation will be conducted in accordance with Vietnam's trade defense laws and will take effect from July 26.

The Trade Defense Department said that on March 19, the agency received a request for investigation into the application of anti-dumping measures from domestic manufacturing companies submitted under the provisions of the Law on Foreign Trade Management, accusing hot-rolled steel manufacturers from India and China is dumping this product into Vietnam, causing damage to the domestic manufacturing industry.

According to the Trade Defense Department, the data collection period to assess damage to the domestic manufacturing industry is 3 years, from July 1, 2021 to June 30, 2024.

“During the process of assessing the request dossier, the Investigation Agency has collected opinions from relevant agencies and units. In addition to the information provided by relevant agencies and units, the Investigation Agency has received opinions from a number of enterprises producing galvanized steel and steel pipes that are using hot-rolled steel as raw materials. Regarding these opinions, the Investigation Agency will carefully consider and evaluate them during the investigation of the case based on the data collected and verified by the Investigation Agency and will be reflected in the investigation conclusion,” said the Trade Defense Department.

Trade Defense Department information, The data collection period for assessing dumping behavior is from July 1, 2023 to June 30, 2024, the data collection period for assessing damage to the domestic industry is 3 years, from July 1, 2021 to June 30, 2024.

According to the provisions of the Law on Foreign Trade Management, the investigation shall be completed within 12 months from the date of the decision to investigate. In special cases, this period may be extended but the total investigation period shall not exceed 18 months.

The latest figures from the General Department of Customs show that in the first 6 months of the year, Vietnam exported 6.493 million tons of steel of all kinds, worth more than 4.777 billion USD, up 20.5% in volume and 12.2% in value. In contrast, Vietnam imported 8.225 million tons of steel of all kinds, worth more than 5.969 billion USD, up 48% in volume and 25.4% in value. Of which, the amount of steel imported from China accounting for more than 70%.

Particularly for hot rolled coil (HCR), in the first 6 months of the year, imports of hot rolled coil reached nearly 6 million tons, an increase of 32% over the same period in 2023. This import volume is equal to 173% of domestic production. Of which, the amount of steel imported from China accounts for 74%, the rest is from Taiwan (China), South Korea, India, Japan and other countries. The value of HRC import turnover in the first 6 months reached 3.46 billion USD, of which China alone accounted for 2.5 billion USD.

Faced with the sudden increase in imported steel into the Vietnamese market, Deputy Prime Minister Le Minh Khai recently issued a document assigning the Ministry of Industry and Trade to preside over and coordinate with the Ministry of Finance and relevant agencies to review and grasp the situation of the recent increase in hot-rolled steel imports to proactively implement appropriate and timely measures to protect the legitimate interests of the domestic manufacturing industry in accordance with international practices and a fair competitive environment.

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