According to the statement by the Vietnam Ministry of Industry and Trade, it had strongly rejected the allegations of monopolizing the domestic market of stainless steel through the imposition of anti-dumping duties on stainless steel imports.

Vietnam government said levying anti-dumping duties was a defense measure permitted by the World Trade Organization(WTO), and the imposition was based on the investigation results presenting certain manufacturers from China, Indonesia, Malaysia and Taiwan had caused substantial damages to the domestic production industry by dumping stainless steel products.

Vietnam now was levying anti-dumping duties on cold-rolled stainless steel products imported from China by 25.35%, from Indonesia by 13.03%, from Malaysia by 9.31%, and from Taiwan by 13.79%.

Vietnam government added that the above-mentioned four countries could still export stainless steel products to Vietnam without being levied anti-dumping duties.

During the previous four years, the price of cold-rolled stainless steel had greatly increased by 15% to 25%, which brought a big rise in production costs to importers. Therefore, steel importers believed Vietnam was monopolizing the domestic market by levying anti-dumping duties on imports from the above-mentioned four countries since 2014.