How to import steel from Vietnam?
Steel NewsDate: 26-05-2023 by: Ngoc Cam
Once the country with the smallest economy in Southeast Asia, Vietnam has now merged as one of the world's fastest growing markets. According to statistics by WorldSteel, Vietnam is in the top 13 countries with the largest steel production in the world with 23 million tons of crude steel shipped in 2021. Besides, the Vietnamese government also promotes many preferential policies to increase export boost. Therefore, importing steel from Vietnam is a good choice for businesses that are in need of a reputable and cost-optimized supply of steel. In this article, MRS Steel will help you answer the question “how to import steel from Vietnam”.
1. How to find steel importers from Vietnam
Vietnam's steel products have been exported to more than 30 countries and territories around the world. This helps Vietnam's steel industry join the group of steel exporting countries with a turnover of more than 10 billion USD. Notably, Vietnam has 2 representatives of the top 100 largest steel enterprises in the world, Hoa Phat Group and Formosa Ha Tinh are ranked 59th and 61st respectively. If importers want to import steel from Vietnam, MRS Steel can introduce other famous domestic steel manufacturers and suppliers, capable of meeting all requirements on quality and price best for you.
2. Steel import duty rate from Vietnam
One of the important steps to import steel from Vietnam is to check the duty rate of each product. Below are the duty rates for steel imported from Vietnam to the EU and US markets. Currently, Vietnam has signed FTAs with more than 50 countries around the world, so foreign businesses can enjoy preferential duty policies when importing Vietnam steel.
To the EU
The tariff on steel in Vietnam is very low, accordingly, the export duty rate for semi-finished steel billet is 0%. However, some steel products imported into the European Union have to pay additional anti-dumping duties. Currently, businesses can access the TARIC system to check HS codes, duty rates and anti-dumping duties. The TARIC system can provide useful information about export procedures, data on duty rates, tariffs or other relevant information.
To the US
Similar to the EU market, US importers can look up information on duty rates and anti-dumping duties at the Harmonized Tariff Schedule (https://hts.usitc.gov). To find the duty rate for a specific steel product, importers need to search for the name or code of the product in the column “General”.
3. Conditions for importing steel from Vietnam
Currently, Vietnam is the 16th largest trading partner of the EU and the second in ASEAN. Vietnam is also China's sixth largest trading partner and second largest exporter to the US in the first half of 2020. Therefore, the Vietnamese government also creates many preferential policies for exports. In many cases, certificates of origin (C/O) can be issued as quickly as 1-2 days. All goods exported in Vietnam must comply with Vietnam's customs clearance regulations and check the quality, specifications, quantity and volume of goods.
Vietnam's customs procedures are relatively complicated and can change according to the development direction of the government with little or no prior notice. To quickly update news, customs clearance regulations, processing time, import and export procedures, you can contact MRS Steel for advice and guidance on all complicated procedures. Below are some detailed requirements when importing steel from Vietnam to the EU and the US.
To the EU
All construction steel products comply with regulation (EU) No 305/2011 on harmonized sales conditions. For example, this regulation applies to steel pipe products and steel structures. Importers are required to have CE marking, test report, CE certification, performance statement report.
Some documents and customs procedures are as follows:
- Exporter's commercial invoice
- Packing list
- Bill of lading (B/L, BOL) – For sea freight
To the US
Currently, the US does not have a uniform law on market requirements for imported goods. However, all products entering the US require a Country of Origin (COO) with the following documents:
- Commercial invoice (from the exporter);
- Packing list;
- Bill of Lading (B/L, BOL) – For sea freight;
- Entry Manifest (CBP Form 7533)
4. Notes for steel imports from Vietnam
Currently, on the market, there are many fraudulent export companies with the aim of appropriating the assets of inexperienced importers. Therefore, you need to ensure the reliability and reputation of the supplier before working and dealing with them. Here are important notes to help you avoid being scammed:
Vendor verification
Vietnam has many large exporting steel enterprises, but not all of them are reputable and of good quality. You need to check all information and capacity of the factory before deciding to trade. However, due to many reasons of language, geographical and information barriers, importers should use the services of sourcing companies, such as MRS Steel, to reduce risks. With a network of connections is the largest steel companies in Vietnam such as Hoa Phat Group, Ton Hoa Sen, Nam Kim, Ton Dong A,..., MRS Steel can meet all product and cost requirements as well as support for other arising problems.
Quality control of goods in Vietnam
Before your goods are successfully imported, it is important to control the quality, safe and correct transportation of steel. Once the goods have arrived in your country, changing and returning the order is complicated and laborious. Sourcing service companies can assist you 100% with these issues including updating, monitoring the whole process, checking and carefully shipping the goods to the customer.
Above is the news about "How to import steel from Vietnam" by MRS Steel. Hopefully the above information has helped you better understand the process of importing steel from Vietnam and choose professional and reputable suppliers. For any questions and needs to source quality iron and steel in Vietnam, please contact MRS Steel via Whatsapp +84 76 911 2358
