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US imposes anti-dumping duties on Vietnamese tires
By Thuy Tien May 28, 2021 | 08:09 am GMT+7
Tires seen at a warehouse. Photo by Shutterstock/Sirisak baokaew.
The U.S. Department of Commerce (DOC) has slapped anti-dumping and countervailing duties on some passenger vehicle tires originating in Vietnam.
Companies that are subject to an anti-dumping duty of 22.3 percent account for less than 4.5 percent of Vietnamese tire exports to the U.S.
These Vietnamese tire exporters are also subjected to countervailing duties of 6.23-7.89 percent, with the DOC maintaining that tires from Vietnam are being unfairly subsidized by currency undervaluation. The imposed countervailing duties are lower than the preliminary ones which were slapped in November last year.
Asian sugar traders in limbo as Vietnam’s antidumping policy looms
Asian sugar traders are facing growing uncertainty ahead of Vietnam’s antidumping policy announcement in June, with market sources noting a rise in domestic prices amid depleting sugar inventory.
Vietnam’s Ministry of Industry and Trade had conducted a public consultation on May 12 over antidumping investigations on Thai sugar imports, with the current duty structure on Thai raw and refined sugar imports at 33.88% and 48.88%, respectively.
The development came following a surge in Thai sugar imports, which impacted the country’s domestic sugar industry. Although there are market rumors that the duties imposed on Thai refined sugar might be halved to about 20%, the information could not be verified at the time of writing.
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Southeast Asian countries lost quite a few textile orders last year due to the pandemic. However now, as the pandemic situation in these countries is controlled, orders are again flowing back. As per Vietnamâs Ministry of Industry and Commerce statistics, there has been a 1.1 per cent increase in textile exports in the first quarter of 2021. Fiber and yarn exports grew 31 per cent while exports of canvas and industrial fabrics grew 8.8 per cent.
In 2021, Vietnam aims to increase its textile and apparel exports by 10 per cent to $39 billion, reports China Textiles. The target seems achievable as Vietnam has signed several free trade agreements in recent times. Also, economic recovery of major markets including the US, the European Union, Japan and Korea are likely to boost Vietnam s exports. VNDirect, a Vietnamese securities firm, predicts Vietnam s textile exports will grow 8.4 per cent in in the second quarter of 2021.
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