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06. August 2008

Vietnam to double steel export tax

Vietnam to double steel export tax

The Vietnamese Ministry of Finance has decided to raise the tax on exports of non-alloy steel and iron to 20 percent from 10 percent now. 

The tax increase, to be applied from August 10, aims to minimize the re-export of the products for profit, according to the government website.

In June, the ministry raised the tax to 10 percent from 2 percent.

Vietnam has to import steel billets for steel production, as well as finished steel products for domestic consumption.

The country imported 6.4 million tons of steel billets and steel products worth more than US$5 billion in the first seven months of this year, respective year-on-year increases of 52.7 percent and 96.6 percent, according to the General Statistics Office.

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