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.