Korea Trade Commission starts investigation into Vietnamese steel
Korea Trade Commission starts investigation into Vietnamese steel
The Korea Trade Commission (KTC) has started an investigation into Vietnamese cold rolled steel imported into South Korea, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).
Rolls of steel at a storage facility in the northern province of Bắc Ninh. — VNA/VNS Photo |
The South Korean commission has been looking into cold-rolled stainless steel after a petition was filed by South Korean company Posco Co., Ltd., the East Asian country's largest steel maker.
According to the trade authority, the commission has asked relevant parties to provide certain information and documents to help with the investigation.
The Vietnamese trade authority advised Vietnamese companies to carefully study the notice from South Korean authorities, prepare the required information and documents and fully cooperate with the Korean investigative agency throughout the process.
They were also encouraged to contact and coordinate with the Vietnamese trade authority for timely support and guidance.
According to the authority, by the end of April 2024, Vietnamese products have faced nearly 250 trade investigations in 24 markets around the world. Products under investigation include wooden cabinets, plywood, solar panels, shrimp, pangasius, basa fish, high-pressure washers, foam mattresses, lawn mowers, cigarette paper, EPS plastic beads and honey, among others.
The MoIT said as Vietnamese products continue to gain ground in the international market in recent years, it's expected that they will face an increased number of trade investigations, mainly due to the complex nature of international trade and the numerous free trade agreements that the country has signed.
It was also a sign that Vietnamese exporters have been making progress in improving product quality and appeal, creating significant pressure on competitors.
