Vietnam’s steel production was forecast to grow slightly, at about 6-8 percent, this year, reported the Vietnam Steel Association (VSA).
The Vietnamese steel industry is expected to face difficulties this year due to an increase in production capacity, falling demand and protectionist measures by countries to reduce imports, according to experts.
The steel industry is facing lawsuits against tax evasion and dumping, according to information from the Vietnam Steel Association.
Vietnam’s steel production and consumption in the first half of 2019 recorded respective increases of 7.7 percent and 9.8 percent year-on-year, according to the Vietnam Steel Association (VSA).
The freshly-signed EU-Vietnam Free Trade Agreement (EVFTA) will help the Vietnamese steel sector expand export markets in Europe, industry insiders said.
In the second half of this year, increasing competition in product quality, prices and market share are predicted to force steel companies to work harder to maintain their foothold in the market.
The US-China trade war and fluctuation in material prices have set a burden on Vietnamese steel companies, reducing profits and even causing losses in 2019’s first quarter.
Vietnam’s steel industry is facing 47 anti-dumping and anti-subsidy investigations from importing countries, accounting for one-third of the total cases of Vietnamese goods, according to a report from the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).
VOV.VN - Local steel industry is projected to enjoy a growth rate of some 10 per cent during 2019 which would be primarily driven by two key projects in the central region, the Ministry of Industry and Trade has said.
Vietnam’s steel and steel products have been subject to many anti-dumping lawsuits in recent years.
Many domestic businesses expect the newly signed CPTPP will bring positive effects on Vietnam through the expansion of export market along with access to the abundant materials sources in CPTPP member countries.
The steel industry is predicted to grow by 12-15 percent in the next five years, heard a workshop titled “Steel sector dialogue: Prospects 2017-2020” in Ho Chi Minh City on June 12.
The domestic steel industry has seen a slowdown in recently months with weak steel sales and price drops, according to the Vietnam Steel Association (VSA).
The steel industry is expected to maintain its recent double-digit growth this year, helped by the recovery of the property market, but it will also face the pressure of trade defense instruments in import markets and competition from cheap steel.
Vietnam’s steel industry plans to produce 5.5 million tonnes of crude steel and 5.8 million tonnes of rolled steel this year, according to the Ministry of Industry and Trade.
The steel industry is likely to enjoy a 10-12 percent growth next year, said the Vietnam Steel Association (VSA) at a workshop in Ho Chi Minh city on December 8.
VOV.VN - The outlook for the Asian steel industry for 2017 has been lowered to negative says US Moody’s Investors Service in a new report, as global prices of steel collapse across all grades and utilization weakens.
Producers insist that the economy needs more steel after the Formosa scandal cast a dark cloud over future projects.
Investing heavily in such industries as steel, cement and oil refining is not the right path for Vietnam now, a former senior investment official has said.
The executive of the subsidiary of Taiwan’s Formosa company in Ha Tinh province, who made a bold remark about a trade-off between marine life and the steel industry that has met with strong criticism from the public since April 25, has just been sacked.