According to Vietnamese media reports, Vietnam has officially imposed anti-dumping duties of up to 37% on certain Chinese galvanized steel products and nearly 16% on Korean products.
This information is contained in the Department of Industrial and Trade's Decision No. 2310, which imposes official anti-dumping duties on certain galvanized steel products (also known as galvanized iron) from China and South Korea.
Therefore, the maximum tax rate for goods originating from China is 37.13%, while the maximum tax rate for goods originating from South Korea is 15.67%.
Previously, since April, operators had imposed provisional tariffs of approximately 15.67% to 37.13% on galvanized steel originating from China and South Korea. Manufacturers who did not pay the official tariffs or were subject to lower official rates will receive refunds for the anti-dumping duties they previously paid or overpaid.
The decision to impose this tax was made by the Ministry of Industry and Trade following an investigation into the case at the request of five companies: Hoa Sen Group, Nam Kim, Ton Phuong Nam, Ton Dong A, and China Steel & Nippon Steel Vietnam.
The Ministry of Industry and Commerce stated that relevant authorities have conducted on-site investigations of production and export enterprises to determine the level of dumping. They have also coordinated with related units to thoroughly review and assess the impact of the investigated imported products on domestic manufacturing and downstream production enterprises.
Based on this, the investigating authority concluded that dumping exists, the domestic industry has suffered significant injury, and there is a causal relationship between the imports and the significant injury to the domestic industry.
The Ministry of Industry and Commerce has decided to officially impose anti-dumping duties. However, the duty rates may still be reviewed and adjusted upon request by the relevant parties to ensure they are applied to the correct subjects, at appropriate rates, and within a reasonable period.
This marks the second time Vietnam has imposed anti-dumping duties on steel products this year. Earlier, in early July, the Vietnamese government officially levied anti-dumping duties on hot-rolled steel from China based on lawsuits filed by the Hoa Phat Group and Formosa Plastics Group.
Previously, the anti-dumping duty on galvanized steel was in effect from September 2016 to May 2022.
According to a report by MBS Research, the price gap between Chinese and Vietnamese steel has narrowed since the imposition of anti-dumping tariffs in April this year, creating conditions for domestic enterprises to increase their market share. It is projected that Hoa Sen Group, which holds the largest market share in the galvanized steel sector, will see its share rise from 29% in 2024 to 30% this year. By 2026, Hoa Sen Group's market share is expected to grow by another 1 percentage point, maintaining its leading position in the galvanized steel industry.
Apart from tax policies, the increasing demand in the real estate market and higher public investment expenditures are expected to drive the price of galvanized steel back up starting from the third quarter of 2025. Meanwhile, the competitive pressure from China's low-cost steel has eased, which will also help support the future performance of domestic enterprises.
