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Vietnam ready for talks with US on tax evasion investigation into Vietnamese steel pipes

Vietnam ready for talks with US on tax evasion investigation into Vietnamese steel pipes

Friday, August 12, 2022, 18:12 GMT+7
Vietnam ready for talks with US on tax evasion investigation into Vietnamese steel pipes
A forklift carries steel pipes at a port in Vietnam. Photo: Tuoi Tre

Vietnam is willing to hold trade talks with the United States to timely solve arising problems regarding a U.S. anti-circumvention investigation into steel pipe products imported from the Southeast Asian country. 

Le Thi Thu Hang, spokesperson of the Vietnamese Ministry of Foreign Affairs, made the statement at a regular press briefing in Hanoi on Thursday following reports that the U.S. officially initiated an investigation into the case.

Hang affirmed that the Vietnam-U.S. comprehensive partnership has witnessed progress in all fields in recent times, including in economy, trade, and investment. 

Vietnam is the leading trade partner of the U.S. in Southeast Asia, while the U.S. is the second-largest trade partner of Vietnam, with two-way trade turnover exceeding US$110 billion in 2021.

“Vietnam advocates promoting economic, trade, and investment cooperation with the U.S. on the basis of freedom, fairness, and mutual benefits in accordance with bilateral agreements and regulations of the International Trade Organization (WTO),” she said.

“Vietnam is willing to exchange with the U.S. through existing mechanisms such as the Trade and Investment Framework Agreement (TIFA) to promptly solve arising problems and strengthen economic, trade, and investment relations for the interests of businesses and people of the two countries."

In their lawsuit filed in May, major U.S. steel pipe manufacturers, namely Nucor Corporation, Bull Moose Tube, and Maruichi Steel Corporation, accused Vietnam of importing hot rolled steel (HRS), the main raw material used to produce steel pipes, from several countries, including China, for processing steel pipes to be exported to the U.S..

By doing so, the said Vietnamese exporters try to evade the respective trade remedy tax that the U.S. is levying on several countries, including China, according to the lawsuit.

The U.S. Department of Commerce recently decided to officially initiate a probe into the case.

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Bao Anh - Bao Duy / Tuoi Tre News

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