Vietnam Initiates Anti-Dumping Probe on Chinese Prestressed Steel; HPG Benefits

Overview

On July 27, 2026, Vietnam’s Ministry of Industry and Trade (MOIT) issued Decision No. 1903/QD-BCT, formally initiating an anti-dumping investigation on certain prestressed steel bars imported from China (case code AD24). The probe follows a petition by Hoa Phat Prestressed Steel (a subsidiary of Hoa Phat Group, HOSE: HPG) and Viet Nhat Prestressed Steel Joint Stock Company, which represent the domestic industry. A preliminary dumping margin of 23.06% has been cited, and if injury is confirmed, temporary anti-dumping duties may be imposed.

Key Facts

• MOIT initiated anti-dumping investigation (AD24) on July 27, 2026, covering prestressed steel bars from China under HS codes 7227.20.00, 7228.20.11, 7228.20.19, and 7229.20.00.
• The dumping investigation period is from July 1, 2025, to June 30, 2026; the injury assessment period spans July 1, 2022, to June 30, 2026.
• The petition was filed by Hoa Phat Prestressed Steel (HPG subsidiary) and Viet Nhat Prestressed Steel JSC.
• The petitioners allege Chinese imports are being sold at abnormally low prices, causing significant competitive pressure on domestic producers.
• A preliminary dumping margin of 23.06% has been estimated by the petitioners.
• MOIT will issue sample selection questionnaires to foreign producers/exporters and the Chinese representative office in Vietnam; non-cooperation may lead to use of available data.
• If preliminary findings confirm dumping and injury, MOIT may impose temporary anti-dumping duties before the case concludes.

What Happened

On July 27, 2026, Vietnam’s Ministry of Industry and Trade issued Decision No. 1903/QD-BCT, officially launching an anti-dumping investigation into prestressed steel bars imported from China. The move follows a formal petition submitted by Hoa Phat Prestressed Steel and Viet Nhat Prestressed Steel, which together represent the domestic manufacturing industry for these products.

According to the petition, Chinese-origin prestressed steel bars are being exported to Vietnam at prices significantly below normal value, with an estimated dumping margin of 23.06%. The petitioners argue that these low-priced imports have caused material injury to the domestic industry, including lost sales, reduced market share, and pressure on prices and profitability. MOIT will now collect data from foreign producers and Chinese authorities to verify the claims. If the preliminary investigation confirms dumping and injury, temporary anti-dumping duties could be imposed before the final determination.

Market Context

HPG closed at VND 20,350 on July 27, 2026, on the HOSE exchange. The stock has been under pressure in recent months amid weak steel demand and rising competition from Chinese imports. This anti-dumping probe is a positive regulatory development for HPG, as it could lead to trade protection that improves pricing power and margins for domestic producers. The broader steel sector on HOSE has been volatile, with concerns over oversupply and input costs. The investigation specifically targets prestressed steel bars, a niche but high-value product line where HPG has invested capacity.

Strategic Significance

For HPG, this anti-dumping petition is a defensive move to protect its growing prestressed steel business, which is part of the company’s strategy to diversify beyond construction steel into higher-margin engineered products. If duties are imposed, HPG could capture market share from Chinese competitors and potentially raise prices. The 23.06% margin suggests a significant price advantage for Chinese imports, so even a partial duty could level the playing field. The case also signals that Vietnamese steelmakers are increasingly using trade remedies to counter Chinese exports, a trend that may extend to other steel products. For long-term investors, the outcome of this probe will be a key indicator of HPG’s ability to defend its domestic market position.

What to Watch

• MOIT’s preliminary determination on dumping and injury, expected within 90-120 days from initiation.
• Any imposition of temporary anti-dumping duties, which could occur before the final ruling.
• Response rates from Chinese exporters; low cooperation could lead to higher duties.
• HPG’s Q3 2026 earnings report for evidence of improved pricing or volume in prestressed steel.
• Potential follow-on anti-dumping petitions for other steel products by HPG or other domestic producers.