ANNOUNCED AS TEMPORARYNo
Since December 2008, the Vietnamese government has raised import tariffs on selected steel products on three different occasions.
On 19 December 2008 the Ministry of Finance issued Decision No 115/2008/QĐ that raises the tariffs on selected steel products. The Decision took effect on 21 December 2009.
Specifically, the import tariff on semi-finished products of iron or non-alloy steel containing by weight less than 0.25% of carbon rose from 2% to 5%.
Bars and rods, hot-rolled, in irregularly wound coils, of iron or non-alloy steel; other bars of iron or non-alloy steel, not further worked than forged, hot-rolled, hot-drawn or hot-extruded, but including those twisted after rolling and other bars and rods of iron or non-alloy steel saw the tariffs applied to imports rise from 5% to 12%.
Note, however, that free-cutting steel, not further worked than cold-formed or cold-finished, retains its zero tariff rate.
On 25 March 2009, the Ministry of Finance published an amendment changing tariffs on flat-rolled products of iron or non-alloy steel, wire of iron or non-alloy steel as well as tubes and pipes of iron and non-alloy steel.
In a third step, the Ministry of Finance decided to raise the import tariff on several steel from 0 to 10 percent from 20 April 2009. This is the maximum tariff allowed under the nation's WTO commitments. This step was taken "in an effort to prevent from replacement construction steel with low-taxed imported alloy steel."
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