US Commerce Department sets May deadline for Vietnam's top steel firm Hoa Phat to clarify subsidy allegations

The U.S. Department of Commerce has issued a preliminary affirmative determination finding that producers and exporters of steel concrete reinforcing bar (rebar) from Vietnam, including top steelmaker Hoa Phat Group, received countervailable subsidies in January 1-December 31, 2024.

In a recent release, the U.S. Department of Commerce said it calculated a preliminary subsidy rate of 1.08% for Hoa Phat Group, listed on the Ho Chi Minh Stock Exchange (HoSE) as HPG.

While Hoa Phat was the sole respondent individually examined, the 1.08% figure was also established as the rate for all other Vietnamese producers and exporters.

Many firms in the same ecosystem with Hoa Phat are also subject to the determination, including Hoa Phat Dung Quat Steel, Hoa Phat Hai Duong, Hoa Phat Hung Yen, Hoa Phat Energy, An Thong Mineral Investment, Hoa Phat Iron and Steel, Hoa Phat Metal Producing, Hoa Phat Prestressed Concrete, and Hoa Phat Steel Products.

The U.S. Department of Commerce said the final countervailing duty (CVD) determination will be issued on the same date as the less-than-fair-value (anti-dumping) investigation, which is scheduled no later than May 26, 2026, unless postponed.

While the deadline is May, the U.S. Department of Commerce has implemented other actions, including requesting the U.S. Customs and Border Protection (CBP) to suspend liquidation of all entries of Vietnamese rebar. Hoa Phat and other firms must post a cash deposit equal to the estimated subsidy rates (1.08%).

In 2025, Hoa Phat sold 10.6 million tons of steel, up 31% year-on-year.