Vietnam Steel Association Protest against 5% Export Tax on Billets
VN Express reported tha the Vietnam Steel Association has protested the latest proposed adjustments to tariff rates on steel products saying they will hurt domestic manufacturers. VSA argued that the prices were impacted by the global raw materials market rather than the current tariff policies or any trade remedies applied to steel products. VSA chairman Mr Nghiem Xuan Da noted that most of the input materials for steel production are imported. A price hike in these materials will immediately affect domestic manufacturers causing output prices to skyrocket, whereas the global steel prices have declined since late May.
Under the proposal made by the Ministry of Finance, export tariff for billets would rise from 0 to 5%, while the most favoured nation import rates for certain steel products would be reduced to 10% from 15 percent. The proposal is aimed at cutting the prices of construction steel, which have shot up 40-50% compared to early 2020.