March 01, 2023 | 11:09 GMT+7

Mexico to cut anti-dumping taxes on Vietnamese steel products

Huyền Vy -

Taxes to come down from 0-12.34% to 0-10.84%.

Vietnam earned $370 million from steel exports to Mexico in 2022.
Vietnam earned $370 million from steel exports to Mexico in 2022.

The International Trade Practices Unit (UPCI) at Mexico’s Ministry of Economy has decided to reduce the taxes imposed on galvanized steel imports from Vietnam after its anti-dumping investigation concluded that Vietnam’s steel industry operates under a market mechanism, the Ministry of Industry and Trade has said.

The new tax rates on Vietnamese steel products will range from 0-10.84 per cent.

In August 2021, Mexico commenced an anti-dumping investigation into imports from Vietnam following a request from domestic producers. Then, on September 14, 2022, the UPCI determined an anti-dumping tax rate of 0-12.34 per cent.

This cut to rates by the UPCI will help Vietnamese steel enterprises continue to export to Mexico.

Vietnam earned $170 million from exporting galvanized steel to Mexico in 2020 and $370 million last year, figures from the International Trade Center show.

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