Steel Assoc. Proposes Tax on Steel Ingot Imports
The Vietnam Steel Association (VSA) has proposed the Ministry of Industry and Trade to raise the import tax on steel ingots to 5 per cent from the current 2, the Tuoi Tre newspaper reported.
The move is to protect domestic steel ingot producers, the newspaper said.
According to VSA, Vietnamese steel ingot makers are selling their products at prices lower than production costs as world steel ingot prices are dropping sharply amidst a huge inventory in the country.
As of late October, there were around 700,000 tons -800,000 tons of steel ingots in stock nationwide, according to the association.
Local steelmakers report 3 million tons of steel products valued at US$2 billion so far. (Youth, VOV)
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