Vietnam's Ministry of Industry & Trade announced that it will terminate the safeguard duty on the imports of billet while extending it for the imports of long steel products. The decision to terminate the safeguard duty on billet while extending it for long steel products comes as Vietnam's steel industry faces intense competition from imported products.
According to the MOIT, the safeguard duty on billet, which falls under the Customs Tariff Statistics Position Numbers 7207.11.00, 7207.19.00, 7207.20.29, 7207.20.99, 7224.90.00, and 7224.90.00, will be terminated. The safeguard duty was initially implemented in 2016 to support domestic steelmakers who were facing competition from imported products.
However, the safeguard duty on long steel products, which falls under the Customs Tariff Statistics Position Numbers 7213.10.10, will be extended. The safeguard duties on the imports of long steel products will be at 6.3 % effective from March 22, 2023, to March 21, 2024, 6.2 % from March 22, 2024, to March 21, 2025, 6.1 % from March 22, 2025, to March 21, 2026, and zero % from March 22, 2026, onwards. The MOIT said that the move was necessary to protect the domestic steel industry and ensure the stability of the market. The safeguard duty will be gradually reduced over the next few years, eventually dropping to zero % from March 22, 2026, onwards.
Source: SteelGuru
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