Vietnamese plywood faces anti-dumping duties of up to 10.65%

[Gettyimages Bank]

SEOUL -- Vietnamese plywood products face anti-dumping duties of up to 10.65 percent for causing substantial damage to South Korean producers, a state trade watchdog said in a preliminary decision. A final decision will come after a three-month investigation.

There is sufficient evidence to assume that the local industry suffered substantial damage due to the dumping of Vietnamese plywood, the Korea Trade Commission said, adding it would propose the provisional anti-dumping duty of 9.18~10.65 percent to the Minister of Strategy and Finance who will decide whether to impose anti-dumping duties within a month.

South Korean plywood producers have filed a petition, accusing Vietnamese products of being imported at low prices.

The commission said it would continue its investigation through due diligence and public hearings into Vietnamese plywood products which were imported below the normal price for a variety of purposes. The commission put the size of South Korea's plywood market at 900 billion won ($733 million) and Vietnamese products accounted for 40~45 percent.

From 2016 to the first half of 2019, imports of Vietnamese plywood products have soared, resulting in job losses, a drop in sales of South Korean products and a fall in factory operating rates and profits, the commission said.

Lim Chang-won cwlim34@ajunews.com

Vietnamese plywood faces anti-dumping duties of up to 10.65%

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