Aug. 5 - Vietnam is doubling export duties on steel to 20 percent to limit overseas sales of the product.

According to the official Vietnam News Agency, the new duty will replace the current 10 percent tax and be imposed on steel billets and finished products from Aug 10.

"The Finance Ministry said raising the duty this time is to limit the wave of steel exports by many enterprises," the report said. Vietnam is a minor steel exporter and relies on the import of steel billets, mainly from China.