Vietnamese steel faces tax shock in the US: Hoa Phat and a series of enterprises are subject to anti-dumping duties of nearly 122%, domestic steel prices go up

The Vietnamese steel industry has just received significant news as the US Department of Commerce (DOC) announced its preliminary findings in the anti-dumping investigation into reinforced concrete steel imported from Vietnam. Accordingly, the proposed anti-dumping duty rate is as high as 121.97% for companies related to Hoa Phat Group.

•  The drivers of steel industry growth in 2026 will come from construction, industrial development, and trade protectionist policies.
•  Steel imports in the first four months of 2026: India unexpectedly “accelerates,” while China gradually narrows its market share.
• Vietnamese steel faces a tax shock in the US: Hoa Phat and a series of other businesses are subject to anti-dumping duties of nearly 122%, causing domestic steel prices to rise.

The US imposes record-high anti-dumping tariffs.

The US has imposed very strict anti-dumping duties on the steel industry, which adds further pressure on domestic businesses.

According to information from the Department of Trade Remedies, the DOC has announced its preliminary findings in the anti-dumping investigation into imported reinforcing steel from Vietnam. During the investigation, the agency selected Hoa Phat as a mandatory respondent and also considered 10 related companies.

Preliminary results indicate that the anti-dumping duties applied to Hoa Phat and related companies amount to 121.97%. This reinforces concerns that anti-dumping duties could negatively impact the sustainable development of Vietnam’s steel industry.

This tariff is considered very high compared to the usual practice in many previous trade defense cases and could directly affect the competitiveness of Vietnamese steel in the US market.

Domestic steel prices have risen across the board.

Domestic steel prices are also affected by high anti-dumping duties, leading to certain adjustments in market prices.

Notably, the information from the US was released amidst a recent price surge in the domestic construction steel market. Many steel manufacturers have simultaneously adjusted their selling prices since March 9th, with a common increase of approximately 300,000 VND/ton, equivalent to 300 VND/kg.

In the northern market, Hoa Phat’s CB240 steel coils are priced at 13,800 VND/kg, while D10 CB300 ribbed steel bars are at 13,600 VND/kg. Other major brands such as Viet Duc, Viet Sing, Viet Y, and VAS also maintain relatively stable prices after the recent adjustments.

Steel companies are facing pressure from the US anti-dumping tax policy, which could change their business strategies.

In central and southern Vietnam, the price of construction steel continues to fluctuate around 12,500 – 13,900 VND/kg depending on the type and brand.

In response to US tariffs, many steel manufacturers have simultaneously adjusted their selling prices since March 9th, with a common increase of approximately 300,000 VND/ton, equivalent to 300 VND/kg.

Signs of recovery from the raw materials market.

Despite signs of recovery in the raw materials market, steel companies remain concerned about potential further increases in anti-dumping duties in the future.

Despite pressures from international trade, the steel raw materials market is showing some positive signs. Iron ore prices on international exchanges rose across the board in the most recent trading session.

According to analysts, the rise in iron ore prices stems from expectations that steel production in China will recover after many production restrictions are eased. The planned increase in operating capacity by Chinese steel mills could lead to increased demand for raw materials in the near future.

Adjustments to anti-dumping tax policies will determine the survival of many businesses in the industry.

However, the finished steel market remains cautious. On the Shanghai Futures Exchange, the price of rebar for April 2026 delivery fell 0.16%, while rebar and hot-rolled coil also recorded slight declines. Stainless steel was one of the few products to see a price increase in the most recent trading session.

New challenges for export activities

The trend of applying high anti-dumping duties will create significant challenges for the Vietnamese steel industry in maintaining its competitive position in the international market.

The US imposition of preliminary anti-dumping duties exceeding 120% indicates a growing trend of trade protection measures against imported steel products. For Vietnamese businesses, this will pose a significant challenge in maintaining market share in this important export market.

In this context, many experts believe that steel companies need to continue diversifying their export markets, enhancing their competitiveness, and better utilizing domestic market demand.

In this context, steel companies need to be aware of the risks posed by anti-dumping duties in order to adjust their business strategies accordingly.

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