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Reuters reported that Vietnam plans to impose a 5% export tax on steel billets and cut the import tax on some steel products. The move is aimed at easing domestic steel prices to help firms cut costs as a recent increase in domestic steel prices had put a brake on several projects. In addition, import tax on some steel products, including construction steel products, would be reduced to 10%-15% from a range of 15%-25%.

 

Vietnam’s steel exports in the first half of 2021 rose 50% from a year earlier to 5.88 million tonnes, while steel imports were up 5.9% at 7.09 million tonnes.