Steel industry might grow 12% in next 2 years
The steel industry will grow 12% in the next two year under the impact of the Trans-Pacific Partnership (TPP), Nguyen Minh Nhut, director of BlueScope Steel Vietnam Limited, said at a press conference on October 21.
He noted that the sector itself does not benefit from tariff reduction or elimination under the TPP.
However, the TPP is expected to boost investment in other sectors, which will drive demands for construction, thus pushing up demand for steel.
The sector’s current annual growth rate is 7%.
Australian steelmaker Blue Scope has established its facilities in Vietnam for 20 years with three factories built at a cost of US$130 million. It manufactures a range of products for building and construction, manufacturing and automotive applications.
However, the TPP is expected to boost investment in other sectors, which will drive demands for construction, thus pushing up demand for steel.
The sector’s current annual growth rate is 7%.
Australian steelmaker Blue Scope has established its facilities in Vietnam for 20 years with three factories built at a cost of US$130 million. It manufactures a range of products for building and construction, manufacturing and automotive applications.