Vietnam to impose anti-dumping tariffs on galvanized steel from China, S Korea

Vietnam will impose temporary anti-dumping tariffs of up to 37.13% on galvanized steel products from China and a maximum rate of 15.67% on those from South Korea, effective from April 15.

The decision was issued by the Ministry of Industry and Trade on Tuesday following an investigation initiated in June 2024 at the request of five major domestic steel companies: Hoa Sen, Nam Kim, Ton Phuong Nam, Ton Dong A, and China Steel & Nippon Steel Vietnam. The tax enforcement will last for 120 days.

The products subject to the anti-dumping tariffs include galvanized steel – flat-rolled carbon steel products in coil or non-coil form, containing less than 0.6% carbon by weight, that have been galvanized or metal-coated to prevent corrosion.

Several companies will benefit from a 0% tariff rate, including Boxing Hengrui New Material and Yieh Phui (China) Technomaterial of China; and Posco, KG Dongbu Steel, and Dongkuk Coated Metal of South Korea.

Meanwhile, Baosteel Zhanjiang Iron & Steel and its affiliates will face a tariff rate of 37.13%. Similarly, Hyundai Steel is subject to 13.7%, while other South Korean producers and exporters will encounter a maximum rate of 15.67%.

Previously, Vietnam had imposed temporary anti-dumping tariffs on hot-rolled coil (HRC) steel products from China, with rates reaching as high as 27.83%.

In the past, anti-dumping tariffs on galvanized steel products were applied from September 2016 until May 2022.

According to analysts, Hoa Sen Group is expected to be the biggest beneficiary of the anti-dumping tariffs on coated steel products from China and South Korea. The company currently holds the largest market share in this segment, approximately 27.6%, according to the Vietnam Steel Association (VSA).

Similarly, other galvanized steel producers like Nam Kim and Ton Dong A will also benefit from reduced domestic competition and higher prices.