S. Korea requests for fair Vietnam anti-dumping probe on corn syrup

South Korea asked Vietnam to conduct a fair and objective probe into an anti-dumping case of its high-fructose corn syrup and for a discussion of “essential facts” before a final decision is made.

The investigation was prompted by a complaint filed by six Vietnamese sugar companies to the local authority that South Korea's “cheap” corn syrup products were hurting the domestic sugar industry and requested an anti-dumping duty of 40.02 percent be imposed.

According to South Korea's Ministry of Trade, Industry, and Energy, it held a video conference with Vietnam's Trade Remedy Authority of the Ministry of Industry and Trade to request an unbiased investigation.

The previous investigation was conducted from April 1, 2019, to March 31 this year.

In August, the Vietnamese authority sent questionnaires to Korean sugar firms with the answers being the basis for the conclusion.

Both countries agreed to implement trade restrictions based on transparent and fair investigation and guarantee the rights of companies, said an official from South Korea’s Trade Ministry.

The countries are eyeing a trading volume of $100 billion.

Vietnam currently imposes trade restrictions on South Korea's coated steel sheets, galvanized steel sheets, section shape steel, wires, and fertilizers.