HANOI, May 31 (Reuters) - Vietnam will impose quotas and so-called safeguard duties on imported painted-galvanised steel from China, South Korea and Taiwan for three years to protect domestic producers, its trade ministry said on Wednesday.
Imports of painted-galvanised steel sheets into Vietnam surged more than 70 percent last year, hurting the market share of domestic producers, the ministry said in an online statement.
The safeguard duty-free quota for Chinese imports will be kept at 323,120 tonnes for one year from mid June and will increase slightly every year until mid 2020, with the duty imposed beyond that set at 19 percent, the statement said.
China said last year it hoped Vietnam would exercise restraint and be prudent in its use of trade measures as the world’s second-biggest economy found itself in an increasing number of disputes with trading partners that accuse it of dumping subsidised exports.
South Korean and Taiwanese firms also face specific quotas and duties.
Vietnam’s trade ministry said imports of painted-galvanised steel sheets surged to 590,685 tonnes in 2016, from 130,798 tonnes in 2013, causing domestic inventory of the products last year to rise 38 percent from 2015.
A stalling Trans Pacific Partnership agreement and global complications causing delays in implementing many free trade deals also troubled exporters, the ministry said. (Reporting by Mai Nguyen; Editing by Mark Potter)