Efforts to overcome tariff storm of "locomotive" enterprise Ha Tinh

On April 7, the European Commission (EC) imposed a provisional anti-dumping tax of 12.1% on some hot-rolled steel products imported from Vietnam, including Formosa Ha Tinh Steel Corporation. Previously, in February 2025, the US imposed a 25% tax on steel and aluminum imported from all countries, which also affected the export activities of the "locomotive" enterprise in the industrial sector of Ha Tinh province.

Hot-rolled steel products of Formosa Ha Tinh Steel Corporation were subject to temporary anti-dumping measures by the European Commission.

According to a representative of Formosa Ha Tinh Steel Corporation (Formosa Ha Tinh), in the context of the increasingly “escalating” US-China trade war, many countries are applying trade defense measures, so Vietnamese steel products, including those of Formosa Ha Tinh, are affected. To minimize risks, the company has proactively diversified its export markets and stepped up its search for domestic markets.

Mr. Le Dinh Toan - Head of the finished product dock of Formosa Ha Tinh said: “Due to the impact of the world trade war, export activities at the dock are not as vibrant as before. However, on average, the finished product dock still ensures about 40 shipments per month. Before leaving the dock, we strictly maintain product inspection procedures; goods that are inspected at 12 ship berths and do not meet export standards will be returned to the factory. Strict control of goods is aimed at meeting the export standards of partners, thereby maintaining prestige in the market to maintain sustainable production and business”.

Finished dock workers check and load goods in preparation for departure.

In the context of "surrounding" tariff barriers, recently, Formosa Ha Tinh has stepped up its search and diversification of export markets. Currently, Formosa's steel products are exported to dozens of countries around the world; focusing on countries such as: Indonesia, Thailand, Malaysia, India, Russia, Columbia, the United States, Italy...

In addition to exports, the company is also currently stepping up its search for the domestic market as the Ministry of Industry and Trade imposes temporary anti-dumping duties on steel imported from China (February 2025) to protect domestic production. At this time, the company's domestic market accounts for more than 40%, an increase of 8% over the same period in 2024. Formosa Ha Tinh aims to increase its domestic market share to 60% in the 2025 - 2026 period.

Import and export activities of Formosa Ha Tinh Steel Corporation at Son Duong port.

According to statistics, in the first 3 months of 2025, Formosa Ha Tinh Steel Corporation produced about 1,450,000 tons of steel billets (down 10% compared to the same period in 2024); of which product consumption reached about 1,403,000 tons (down 10% compared to the same period in 2024). Thereby, the company achieved revenue of 728 million USD (down more than 100 million USD compared to the same period in 2024).

Recently, due to the impact of global economic fluctuations, especially the tariff policies of countries on steel products, the production and business activities of Formosa Ha Tinh Iron and Steel Corporation have encountered difficulties. Therefore, the company has reduced the import of raw materials for production, affecting the budget revenue of Vung Ang Port Customs. As of April 15, Formosa Ha Tinh's import-export turnover reached 886 million USD, down 39.7% over the same period in 2024. Thereby, the enterprise paid nearly 1,600 billion VND in import-export tax, down 28.2% over the same period in 2024.

Mr. Le Dung - Captain of Vung Ang Port Customs.

Panoramic view of Formosa Ha Tinh Steel Corporation in Vung Ang Economic Zone.

Formosa Ha Tinh Steel Corporation is the largest foreign direct investment (FDI) enterprise in Ha Tinh, playing an important role in the province's budget revenue. The decline in Formosa's production and export activities has directly affected the industrial sector, facing the risk of budget deficit. To help businesses overcome difficulties, the industry and trade sector is currently actively gathering information to find solutions to support businesses, especially solutions to respond to trade protection measures of countries around the world.

Video: Import and export activities of Formosa Ha Tinh Steel Corporation.

Source: https://baohatinh.vn/no-luc-vuot-bao-thue-quan-cua-doanh-nghiep-dau-tau-ha-tinh-post286452.html