CenturyPly India has cancelled plans for an MDF plant in Vietnam following the Indian government’s announcement of anti-dumping duties on MDF from Vietnam in July.
The duty amounts to over US$60 per cubic metre, 25 per cent of the CIF price, making the Vietnam investment unprofitable.
CenturyPly has also invested heavily a veneer production line in Myanmar and Laos—with a local partner. A spokesperson from CenturyPly said they are looking forward to the implementation of the new goods and service tax as this could boost market opportunities and lift profits.
The company has drawn up plans for a new MDF plant in Hoshiarpur, Punjab which, is expected to be the largest plant in India.