Hoa Phat and many other businesses are on the list of companies being investigated by the US Department of Commerce for anti-dumping violations regarding imported reinforcing steel from Vietnam.
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Recently, the US Department of Commerce announced tariffs of over 130% on imported reinforcing steel from Vietnam. Photo: Hoa Phat . |
The Trade Remedies Department (Ministry of Industry and Trade) announced that it has received information regarding the US Department of Commerce's preliminary findings in the anti-dumping investigation into imported reinforcing steel from Vietnam.
Specifically, the US Department of Commerce has selected a Vietnamese company as a mandatory respondent. The total number of affiliated companies related to this company amounts to 10 entities. Many of the listed companies include: Hoa Phat Hai Duong, Hoa Phat Dung Quat, Hoa Phat Hung Yen…
According to the preliminary findings just released, the preliminary countervailing duty rate for the mandatory respondent company and its affiliated companies is 121.97%, while the remaining companies will be subject to a rate of up to 130.77%.
The preliminary countervailing duty (CVD) rates on Vietnamese exports are currently quite high. Notably, these rates are higher than those on exports from Bulgaria (52.8%) and Egypt (34.2-52.73%), which are also under investigation. Therefore, Vietnamese businesses need to make efforts and cooperate actively to minimize the CVD rates in the final conclusion.
The Trade Remedies Department stated that, according to the investigation process, after the preliminary anti-dumping conclusion, the US Department of Commerce may issue additional questionnaires and conduct on-site verification at Vietnamese businesses to confirm the information provided.
The agency is expected to issue its final conclusion on the anti-dumping investigation in July.
To achieve a positive outcome in the final conclusion, the Trade Remedies Department recommends that relevant businesses study the preliminary conclusion of the US Department of Commerce and consult with legal counsel to prepare counter-arguments and necessary supporting documents.
In addition, businesses need to closely monitor developments and continue to cooperate fully with the U.S. Department of Commerce, preparing thoroughly for the on-site verification phase.
At the same time, the Department also recommends that manufacturing businesses actively cooperate in the subsequent stages of the case and, when local authorities conduct on-site inspections, promptly propose necessary support measures.
News summary.
