Fashion
The EU and Canada are taking safeguard measures to protect their steel companies from exports from Vietnam.
The EU claimed it is taking the protective measures due to a surge in imports from many countries in recent years.
Imports of steel products had been 18.8 million tons in 2013 but jumped to 30.5 million last year, according to the Official Journal of the European Nation published on July 18.
Vietnam is listed among the developing countries which face provisional measures lasting 200 days starting July 19.
Three of its products – non-alloy and other alloy cold-rolled sheets, metallic coated sheets and stainless cold-rolled sheets and strips — now attract a 25 percent additional tax.
The Canada Border Services Agency (CBSA) said it is considering if Vietnamese carbon steel-welded pipes are being sold at unreasonable prices making it harder for local companies to compete.
Other countries are also being investigated, including Pakistan, the Philippines and Turkey.
The investigation, which began on July 20, came after Novamerican Steel Inc. in Montreal city alleged that local steel companies could not compete because of price undercutting by the countries listed subsequently.
The CBSA will work with local authorities to investigate and expects to release its preliminary evaluation on October 18.
Vietnam exported 4.71 million tons of steel worth $3.15 billion last year, 35.6 percent and 55.1 percent up from 2016 in terms of volume and value.
ASEAN member countries are its main importers, accounting for 59.2 percent of exports, and the U.S. ranks second at 11 percent, a Vietnam Steel Association report said earlier this year.
