Vietnam slaps Chinese aluminum companies with 5 year anti-dumping tax

16 Chinese companies will face anti-dumping taxes of 2.49% to 35.58%

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Aluminum rods (Pixabay user homw)

Aluminum rods (Pixabay user homw)

TAIPEI (Taiwan News) – After an investigation that was launched in January, Vietnam has determined that China is guilty of dumping aluminum products on their national market causing damage to domestic firms.

As a result of the ruling, Hanoi has targeted 16 Chinese companies that will face anti-dumping taxes between 2.49 percent to 35.58 percent for the next five years. The taxes were imposed starting Sept. 28, according to Vietnam’s Ministry of Industry and Trade.

Chinese aluminum in Vietnam almost doubled in 2018 compared to previous years to around 62,000 tons, reports Reuters. In addition to the tax on aluminum, in July Vietnam also introduced anti-dumping taxes ranging between 3.45 percent and 4.27 percent on some Chinese steel products for similar crimes of dumping.

Vietnam’s punitive taxes are aimed at lowering the trade deficit between the two countries while protecting domestic aluminum and steel producers.