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Vietnam has announced temporary anti-dumping duties ranging from 19.38% to 27.83% on specific hot-rolled coil (HRC) steel imports from China. Effective March 7, 2025, these tariffs will last for 120 days to protect the domestic steel industry from low-cost imports.
The decision follows an anti-dumping investigation launched in July 2024 after complaints from major Vietnamese steelmakers, including Hoa Phat Group and Formosa Ha Tinh Steel. They argued that cheap Chinese imports were hurting the local market. In the first nine months of 2024, Vietnam imported 8.8 million tonnes of HRC, with 72% coming from China.
Key Chinese manufacturers will be affected, with Baoshan Iron & Steel and Maanshan Iron & Steel facing a maximum tariff of 27.83%. Guangxi Liuzhou Iron & Steel Group will see a 19.38% duty. In contrast, Indian steel imports remain unaffected due to their minimal market share in Vietnam.
Vietnam’s move follows global trends in steel protectionism. The U.S. recently imposed a 25% tariff on all steel imports, effective March 4, 2025. South Korea also introduced provisional tariffs on Chinese steel plates. These measures highlight growing concerns over China’s steel export dominance.
The Vietnamese government aims to provide relief to domestic manufacturers and ensure fair competition. Analysts suggest that these tariffs may force Chinese steel exporters to explore alternative markets, while local Vietnamese producers could benefit from reduced competition.
The Ministry of Industry and Trade (MoIT) will closely monitor the impact of these measures. The government may extend or modify the tariffs based on market conditions to safeguard the national interest.
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