In the Draft Decree amending and supplementing Decree 125 on export tariffs, preferential import tariffs, listing of goods and absolute tax rates, mixed taxes, non-quota import tax rates, ministry of The finance proposed to raise taxes on hot rolled steel products of heading 72.08 to 5% instead of the current 0%.
According to statistics, each year Vietnam imports more than 8 million tons of hot rolled steel coil, of which 40% is imported from China. Thus, Chinese goods are making up the majority of Vietnam’s market.
The report of the Vietnam Steel Association showed that domestic production is now able to meet about 50% of demand. It is expected that by the end of this year, this figure will increase to 70% when the steel plant of Hoa Phat Company in Dung Quat, Quang Ngai and Formosa Company comes into operation.
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