The duties, lasting five years starting October 24, will range from 2.53-34.27 percent for Chinese steel and 4.71-19.25 percent for South Korean color-coated steel, the Ministry of Industry and Trade said.

The duties were slapped after a 120-day imposition of temporary duties and a one-year investigation by the ministry, which showed color-coated steel products from the two countries have exerted significant pressure on the local steel industry.

Their dumping was the main reason for local companies incurring losses, forcing them to cut back production and retrench staff, the ministry said.

Vietnam last week also imposed five-year anti-dumping duties on stainless steel from mainland China, Taiwan, Malaysia and Indonesia, continuing a similar imposition in the preceding five years.

The country imported $7.3 billion worth of iron and steel in the first nine months of this year, down 3.3 percent year-on-year, according to the General Statistics Office (GSO).