Vietnam will be levied on 19% safeguard measures tax in PPGI
On May 31, Vietnam’s Ministry of Industry and Trade ruled that a 19% safeguard tax will be levied on imported PPGI for a period of three years effective from June 15, 2017. Vietnam’s Ministry of Industry and Trade stipulates that over the first year of implementation of safeguard measures from June 15, 2017 to June 14, 2018, more than 32,312 tons of PPGI imported from China will be levied on 19% tax.
According to the data from Steel Alliance, the export volume of PPGI to Vietnam exceeds the quota, which has increased significantly in recent years. Between 2014-2015, the export of PPGI from 218,100 tons to 391,200 tons and substantially increased 709,200 tons in 2016. Exports of 48,000 tons in January-April this year, a drop of more than 70% compared with the same period of last year, it is clear that exports have been affected by the investigation of safeguard measures in Vietnam.