Steel industry to join US$10-billion export club

With a record export growth rate in the first nine months of 2021, steel is forecast to soon join the US$10-billion export club.

As of October 15, Vietnam had earned US$9.04 billion from shipping steel and steel products abroad, up 135.3% against that of the same period last year.

Statistics of the Ministry of Industry and Trade’s Import-Export Agency show that the export turnovers of steel and steel products in the three most recent months all surpassed US$1 billion, with nearly US$1.1 billion in July, US$1.19 billion in August and US$1.17 billion in September.

According to the Vietnam Steel Association (VSA), steel exports are favourable when demand in many markets is increasing sharply.

Orders from many major markets are still increasing, while the production capacity of the domestic steel industry continues to be strengthened by big projects of Hoa Phat, Nam Kim and Hoa Sen. Therefore, it is expected that the steel industry will join the US$10-billion export club in the first half of November.

In 2020 and the first nine months of 2021, Vietnam had six commodities listed in the US$10-billion export club, including phones and components, garments and textiles, footwear, wood and wood products, computers and components, and machinery, equipment and spare parts.

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