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Korea asks Vietnam for fair anti-dumping probe into corn syrup

By Kim Byung-wook

Published : Nov. 4, 2020 - 16:31

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The government said Wednesday it has called for Vietnam to conduct a fair and objective investigation into an anti-dumping case related to high-fructose corn syrup from Korea and pledged to discuss “essential facts” with the country before a final decision is made.

Essential facts are crucial facts that form the basis of the investigating authority’s decision to apply anti-dumping duties.

According to the Ministry of Trade, Industry and Energy, it held a video conference with the Trade Remedy Authority of the Ministry of Industry and Trade of Vietnam to request an unbiased investigation of Korean-made corn syrup.

The investigation began last April after six Vietnamese sugar companies filed complaints to the local authority that “cheap” corn syrup products imported from Korea were hurting the domestic sugar industry and requested an anti-dumping duty of 40.02 percent be imposed.

The investigation was held from April 1, 2019 to March 31 this year. In August, the Vietnamese authority sent out questionnaires to Korean sugar companies to evaluate the damage they inflicted on the domestic sugar industry. The answers will be the basis for the investigation agency to consider and draw a conclusion for the case.

“To reach trading volume of $100 billion, both countries agreed that cooperation in trade remedy is the key. Both countries agreed to implement trade restrictions based on transparent and fair investigation results and guarantee the rights of companies of both countries during the investigation,” an official from South Korea’s Trade Ministry said.

Vietnam currently imposes trade restrictions on five Korean-made products: galvanized steel sheets, coated steel sheets, wires, section shape steel and fertilizers.

By Kim Byung-wook (kbw@heraldcorp.com)