The government has imposed an anti-dumping duty of$121.55/tonon imports of hot rolled flat steel products from Vietnam for a period of 5 years.
As a countermeasure, they impose these duties under the multilateral regime of Geneva-based World Trade Organization (WTO). The duty is aimed at ensuring fair trading practices and creating a level playing field for domestic producers vis-a-vis foreign producers and exporters.
India and Vietnam are members of the WTO, which is a 166-member multilateral trade body. India also has a free trade agreement with the 10-nation block ASEAN (Association of Southeast Asian Nations) since January 2010. Vietnam is a member of ASEAN.
The bilateral trade between the two countries was USD 14.81 billion in 2023-24 against USD 14.7 billion in 2022-23. While India's exports stood at USD 5.47 billion, imports were USD 9.34 billion in the last fiscal, leaving a trade deficit of USD 3.87 billion in favour of Vietnam.
IAS-2026 - OPTIONAL / GEOGRAPHY / PUBLIC ADMINISTRATION / SOCIOLOGY / ANTHROPOLOGY / ORIENTATION ON 03 & 04-10-2025 
