Vietnam to Raise Alloy Steel Import Tariffs to 10 per cent Apr 20

The Ministry of Finance (MoF) has decided to hike import tariffs on alloy steel products from 0 per cent to 10 per cent from April 20.

 

Under the ministry’s decision issued Apr 14, hot rolled alloy steel bars and rods of group 7227.90.00.00 will be up to 10 per cent from 0 per cent.

 

The hike will be also applied for other alloy steel bars and rods belonging to groups 7228.30.10.00, 7228.30.90.00, 7228.40.10.00, and 7228.40.90.00.

 

The MoF has recently also decided to impose 15 per cent tax on illegally-imported steel as some local traders had imported a large amount of carbon steel but claimed it to be alloy steel to benefit from the zero-tariff import tax. (Vietnam Economic Times, Financial Times)