Vietnam’s Hoa Phat Steel is pushing for an anti-dumping investigation into steel imports from China arguing that they are taking up too much of the market and citing the US restrictions on steel imports on the grounds of national security, The Investor is reporting. Hoa Phat is also being supported by another steel firm, Formosa. That said, local steel buyers have objected to an anti-dumping investigation, arguing local supply can’t meet demand, and Chinese steel imports are not being dumped but are rather a good product at a good price.
This highlights an emerging challenge Vietnam is facing as it becomes increasingly more integrated with the rest of the world–it is being given access to cheaper raw materials and goods which means that its outputs are cheaper too, however, by importing cheaper goods local industries often suffer–it’s a balancing act at its heart.
