The Ministry of Industry and Trade (MoIT) has extended the application of measures to prevent evasion of safeguard duties against imported rolled steel and steel wire until March 21, 2023, according to the ministry’s Trade Remedies Authority of Vietnam.
|Illustrative image (Photo: VNA) |
Under Decision No.920/QD-BCT, products with HS codes 7213.91.90, 7217.10.10, 7217.10.29, 7229.90.99, and 9839.10.00 will be subject to an anti-evasion tax rate of 9.4 percent during the period from March 22, 2020 to March 21, 2021. The rate will be reduced to 7.9 percent for the following year from March 22, 2021 to March 21, 2022, and to 6.4 percent during the period from March 22, 2022 to March 21, 2023.
The duty will be adjusted to zero percent from March 22, 2023 if no further review is launched.
The safeguard measures for rolled steel and steel wires imported to Vietnam were launched on May 13 last year under the MoIT’s Decision 1230/QD-BCT.
The ministry has also taken a similar move on imported steel billets and steel bars. It issued Decision 2968/QĐ-BCT to impose a global scale protection for steel billets and bars imported into Vietnam on July 18, 2016. The term of the protection is four years between March 22, 2016 and March 21, 2020.
Last week, the safeguard measure was extended for three years, until March 2023.