Vietnamese Ministry of Finance has decided to reduce export tariff on steel ingots from the current 20 percent to ten percent, the Vietnam News reported on Wednesday.

     The move will help local companies offload more than 500,000 tons of product currently sitting in storage, the newspaper said.

     Local demand for steel ingots has decreased, despite a price reduction of three million Vietnamese Dong (180 U.S. dollars) per ton compared with the peak price.   The new tax will be in effect 15 days after the decision is issued.