28 C
Ho Chi Minh City
Tuesday, September 21, 2021

U.S. imposes antidumping duty on certain Vietnamese tire makers

Must read

HCMC – The United States will impose an antidumping duty of 22.3% on certain Vietnamese tire makers, who make up some 4.5% of Vietnam’s total exports of automobile tires to the U.S., the U.S. Department of Commerce (DOC) announced early this week.

Meanwhile, DOC maintained its decision made in the preliminary conclusion that most tire makers in Vietnam, who account for 95.5% of Vietnam’s total automobile tire exports to the U.S., are not engaged in dumping practices so they are not subject to antidumping duties.

This was the final determination of DOC’s antidumping investigation into passenger vehicle and light truck tires from South Korea, Taiwan, Thailand and Vietnam.

Regarding countervailing duties, the rates for Vietnamese tires range from 6.23-7.89%, down from the 6.23-10.08% determined in the preliminary conclusion and the lowest among the countries and territories subject to the DOC’s investigation.

The Trade Remedies Authority under the Vietnamese Ministry of Industry and Trade said this is a positive result for Vietnamese tire manufacturers and exporters into the U.S., the biggest buyer of Vietnam’s tires. It also benefits the rubber industry as some 80% of natural rubber harvested in Vietnam is used for tire production.

According to Reuters, the U.S. imported car and light truck tires in 2020 at approximately US$470 million from Vietnam, US$1.2 billion from South Korea, US$373 million from Taiwan and US$2 billion from Thailand.

By Le Hoang

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest articles