On February 21, Vietnam announced the imposition of three anti-dumping duty rates of 19.38%, 26.94%, and 27.83% on Chinese steel products exported to Vietnam.
According to a document released yesterday by the Vietnamese Ministry of Industry and Trade regarding the imposition of temporary anti-dumping duties, Vietnam will impose varying rates of 19.38%, 26.94%, and 27.83% on steel products exported to Vietnam from dozens of Chinese steel companies and their affiliated trading companies, including Baosteel, Ansteel, Shougang, Shagang, Hesteel, Benxi Steel, Xinyu Steel, Baotou Steel, Chongqing Iron & Steel, Liuzhou Iron & Steel, Jingye Steel, Hebei Anfeng Steel, Zongheng Steel, Yanshan Steel, and Rizhao Steel. These anti-dumping duties will take effect 15 days later on March 8.
Industry insiders stated that the impact of these anti-dumping duties will be significant, involving hundreds of millions of dollars.
In 2024, my country exported 12.738 million tons of steel to Vietnam, making it my country's largest steel export destination.
In 2023, Vietnam's crude steel output reached 19.2 million tons, and its ranking among the world's major crude steel producers has been climbing annually, from 18th in 2017 to 12th in 2023. According to the Vietnam Steel Association (VSA), the country's finished steel production is expected to reach 30 million tons in 2024, a year-on-year increase of 7%.
Companies should shift from "price competition" to "value competition" by accelerating product structure upgrades, strengthening overseas production capacity cooperation, and diversifying market development. "Trade friction is a challenge, but it also presents an opportunity to force the industry to transform and upgrade," said a researcher at the Ministry of Commerce Research Institute. "China's steel industry needs to shift from 'scale expansion' to 'quality first' and break through trade protectionism through green, low-carbon technologies and high-end products."
