On May 15, the Ministry of Industry and Trade confirmed that the US Department of Commerce (DOC) initiated an investigation to apply tax evasion measures against stainless steel sheets imported from Vietnam, based on available information. This goods has shown signs of evading the trade remedy measures that the US has been applying to similar goods of China since 2016, with a tax rate of 139-267%.
The basis for the DOC to initiate an investigation is based on Vietnam’s export manufacturers importing stainless steel flat material from China, then processing in Vietnam and exporting to the US.
At the same time, the export of stainless steel products from Vietnam has increased signific antly in the period before and after the US imposed tariffs on China.
Although Vietnam’s stainless steel sheet exports to the US have been steadily decreasing since 2017 and Vietnam is also applying anti-dumping duties on flat rolled stainless steel products imported from China at 17, 94 – 31.85%, but still could not “escape” the US investigation.
According to the Ministry of Industry and Trade, after initiating the investigation, DOC will issue a questionnaire to collect information from Vietnam’s manufacturing and exporting enterprises.
The Ministry also recommends businesses to participate, cooperate, prepare to provide sufficient and timely information, especially on raw materials, management processes for DOC to avoid the use of available data. There are (usually disadvantages) during the investigation.
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