Vietnam will impose anti-dumping duties on pre-coated metal products from South Korea, industry sources said Friday.
According to the source, Vietnam's trade ministry will temporarily levy stiff import duties on the products from three South Korean companies starting Tuesday.
POSCO, South Korea's top steelmaker, will be subject to 19.25 percent anti-dumping duties, while Dongkuk Steel Mill Co. and Dongbu Steel Co. will face 18.08 percent and 4.46 percent tariffs, respectively.
Such tariff rates will be valid for 120 days before Vietnam's trade ministry finalizes the duties in late October, they said. Vietnam authorities have been investigating the case since October 2018.
South Korean steelmakers said potential damage from the higher tariffs will be limited since high-end pre-coated metals used in electronic products and vinyl coated metals are reportedly not included in the latest step.
Pre-coated metals are mainly used for construction materials, automobiles and electronic appliances like refrigerators and washing machines.(Yonhap)