Trade ministry issues warnings for steel wire at risk of investigation
Trade ministry issues warnings for steel wire at risk of investigation
The Trade Remedies Authority of Việt Nam (TRAV) under the Ministry of Industry and Trade has provided early warnings for steel wire originating from Việt Nam which was facing a high risk of being investigated for trade defence measure.
Việt Nam's export turnover of steel wire products to Canada has increased rapidly in recent years. — Photo baocongthuong.com.vn |
Statistics from the TRAV showed that Canada has launched investigations into eight trade defence cases targeting steel products exported from Việt Nam. These cases include five anti-dumping investigations, two anti-subsidy investigations, and one case based on self-defence.
Canada is specifically targeting Việt Nam's primary export steel products and types, including concrete reinforced steel, anti-corrosion steel plates, steel coils and oil pipeline steel pipes.
According to TRAV, Canada's policy of closely monitoring and strengthening the management of imported steel to safeguard the domestic market suggests that further research and investigations are anticipated. It is likely that Canada would extend these measures to include other steel products from Việt Nam, including steel wire products.
This item is widely used in various sectors, including prestressed concrete wire (PC Wire), umbrella frames, tire bead wire (TBW), piano wire, wire cores for conductors, cables used in elevators and cranes, welding electrode cores and nails.
Statistics from Trademap showed that Việt Nam's export turnover of steel wire products to Canada has increased rapidly in recent years. In 2020, Việt Nam exported approximately US$10 million worth of steel wire to Canada. The export turnover of this product doubled to $21 million in 2021 and continued to see strong growth, reaching around $40 million in 2022. This caused Canada to conduct an investigation and apply trade remedies against Vietnamese steel wire.
In addition to issuing the early warning, TRAV has advised the relevant associations and enterprises to carefully review their steel wire exports to the Canadian market (referring to the HS codes of 7223, 7213, 7227, 7306) and be prepared to respond in the event of a trade remedy investigation by Canada.
In case of an investigation, it is crucial for the concerned associations and businesses to fully cooperate with the investigating agency as per their requirements. They should also maintain regular communication and co-ordination with TRAV to receive necessary support.
