Oct. 30 – Vietnam's Ministry of Finance has removed the 5 percent export duty on non-alloy iron and steel products beginning November 7 to help local manufacturers get rid of their excess stock.

According to the Vietnam Steel Association, firms have been unable to sell their stockpile of one million tons of steel billets and steel products worth an estimated US$1 billion because of lower demand.

In September, steel demand fell by 40 percent. It was aggravated further when the central bank increased interest rates to fight inflation leading to many construction and property firms unable to get bank loans

In the past month, the ministry has already cut the steel export tax twice from 20 percent to 10 percent and eventually to 5 percent.