Vietnam Imposes Anti-avoidance Tax on Some Imported Steel Products?

SHANGHAI, Mar 27 (SMM) - There is news that Vietnam will impose anti-tax avoidance taxes on some imported steel products. According to SMM statistics, China's overall steel exports to Vietnam are relatively high, but there is currently no specific list of steel products for anti-tax avoidance taxes. The impact of China's steel exports is low, and SMM will continue to follow up.

According to the customs data January-February, China’s accumulated exports of steel increased 49.0% on the year to 12.19 million mt in 2023. Among them, 262,700 mt of Chinese steel products were exported to Vietnam in January 2023, and 593,000 mt of Chinese steel products were exported to Vietnam in February 2023. The cumulative amount of steel exported to Vietnam in the first two months was 855,700 mt, accounting for 7.02% of China's total steel exports. Vietnam has always been an important exporter of China's steel products. Judging from the proportion of exports in 2022, China exported 5.401 million mt of steel products, a month-on-month decrease of 3.4% and a year-on-year increase of 7.5%. And the export soared 0.9% year on year and totalled 67.32 million mt in 2022. 

According to SMM statistics, China's overall steel exports to Vietnam are relatively high, but there is currently no specific list of steel products for anti-tax avoidance taxes. The impact of China's steel exports is low, and SMM will continue to follow up. Futures are usually a response to future commodity prices. As of March 27, the most-traded rebar futures contract rose 0.49%, and the most-traded HRC futures contract rose 0.02%.