In a final decision that followed a nine-month probe, South Korea's regulatory authority came up with anti-dumping duties of up to 10.65 percent for five years against Vietnamese plywood products for causing damage to South Korean producers.
The decision requires approval from the Minister of Strategy and Finance by the end of this year.
In a statement released on September 17, the Korea Trade Commission called for anti-dumping duties of 9.18~10.65 percent, ruling that Vietnamese products were imported below normal prices, resulting in a drop in domestic companies' market share, employment and operating profit.
An anti-dumping probe began in December 2019 on a petition by South Korean plywood producers. The commission put the size of South Korea's plywood market at 900 billion won ($772 million) in 2018 when Vietnamese products accounted for 40~45 percent.
The domestic plywood market has been dominated by products from foreign countries including Indonesia, Vietnam and China. In the first six months of this year, plywood imports stood at $391 million. Indonesia came first with $133 million, followed by Vietnam with 127 million, industry data showed. Vietnam lost its top position this year due to an anti-dumping investigation.