The U.S. Department of Commerce has finalized a countervailing duty rate of 2.45% on pharmaceutical hard capsules produced by the Vietnam-based subsidiary of a Korean corporations.
According to the Ministry of Trade, Industry and Energy on the 23rd, the U.S. Department of Commerce announced the final determination in the countervailing duty investigation into pharmaceutical hard capsules from Vietnam on the 19th local time. The finalized duty rate rose slightly to 2.45% from 2.15% in the preliminary determination in Mar.
The Ministry of Trade and Industry (MOTI) said it was the lowest level among the competing countries investigated together. India was 7.06%, China ranged from 3.14% to 8.81%, and Brazil was 10.67%.
The U.S. Department of Commerce is said to have included in the final determination a review of certain support measures by the Vietnamese government and financial support programs related to overseas operations.
Since the launch of the investigation in Nov. last year, the Ministry of Trade and Industry (MOTI) held a bilateral consultation between Korea and the United States on Dec. 9 of the same year and conducted bilateral consultations between Korea and Vietnam in Dec. 26 and in Sep. this year. It said it held meetings with those surveyed, including Company A, a Vietnam-based subsidiary of the corporations under investigation, and related institutions to hear opinions, formulated a public-private joint strategy, and submitted the government's responses.
However, whether the final tariff will be imposed is expected to be confirmed after the U.S. International Trade Commission (ITC) issues its final injury determination around Jan. next year. An official at the Ministry of Trade and Industry (MOTI) said, "We will actively support our corporations facing difficulties due to import restrictions and continue to monitor trends in the determinations."