Vietnam imported 989,000 tons of steel products worth 476 million U.S. dollars in the first three months of this year, posting respective year-on-year decreases of 20.3 percent and 31.4 percent due to lower domestic demand for the products, the Vietnam Steel Association said on Thursday.

To protect the domestic steel industry, the Vietnamese Industry Ministry has drafted a decree on raising tariffs on imported steel, under which import taxes on rolled steel will increase to 10 percent from current 7 percent, and those on galvanized steel to 15 percent from 10 percent, the association said.

Vietnam imported 5.6 million tons of steel billets and finished steel products totaling 3 billion dollars in 2005, posting respective rises of 8.7 percent and 16 percent over 2004.

Vietnam consumed 3 million tons of steel products in 2005, a year-on-year increase of 10 percent. Steel makers in the country currently have a combined annual production capacity of some 6 million tons, the association said.

Source: Xinhua