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Thursday, July 25, 2024

Vietnam’s steel exports affected by EU’s extension of safeguard measures

The Saigon Times

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HCMC – The European Commission has extended safeguard measures on steel products for two more years until June 2026, impacting many steel exporting countries, including Vietnam.

The announcement follows an investigation requested by 14 EU member countries, highlighting the need to impose safeguard measures to prevent or rectify serious losses incurred by the EU’s steel industry.

Any technical adjustments related to the extension took effect from July 1, 2024, and these measures will expire on June 30, 2026, marking the maximum period allowed for the application of safeguard measures according to the EU and World Trade Organization (WTO) regulations.

In 2023, Vietnam’s steel exports reached 11.1 million tons, valued at US$8.35 billion, up 32.6% in volume and 4.5% in value year-on-year.

Vietnam’s major steel importing markets include ASEAN and the EU, with 3.5 million tons and 2.55 million tons last year, respectively.

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