Steel products are among export staples with high growth in the first 10 months of this year, according to statistics of the Ministry of Industry and Trade.
The output of unprocessed iron and steel also increased by 40.5%, while that of rolled steel went up 6.6% and shape steel, 6.9% on a yearly basis.
Main export markets of Vietnam’s steel in the first nine months of this year were Cambodia, which bought US$631.2 million worth of Vietnamese steel products, the US (US$613.1 million), Indonesia (US$360.6 million), Malaysia (US$330.6 million), and Thailand (US$172.3 million).
The MoIT said the steel industry faced fierce competition from imports, along with many anti-dumping lawsuits in importing countries.
A problem of concern for Vietnam is the launch of anti-dumping investigation in several traditional ASEAN markets such as Thailand and Malaysia targeting steel products with Chinese origin or imported from China into Vietnam.
The ministry advised steel firms to use domestic materials and strive towards closed production chain to avoid anti-circumvention investigations.