Vietnamese steel firms have requested that the Ministry of Finance increase the import duties on steel, citing the reason that low duties lead to huge steel imports posing a threat against domestic production. They have also complained that Vietnam has the lowest duties on some steel items among ASEAN countries. A domestic SS producer has proposed to increase the duty rate on stainless steel to 10 to 15% from the existing 5%, citing that SS from India is being sold USD 50 to USD 60 cheaper and is flooding the domestic market. According to the Ministry of Trade, domestic production of plated steel should be encouraged so it needed to be protected. After studying domestic production capacity, the Ministry of Industry requested the Ministry of Finance to increase the current rate to 10% to protect domestic stainless steel products.
