Consumption of steel in the first seven months of 2020 fell 9.6% year-on-year to 12.37 million tonnes, according to the Vietnam Steel Association (VSA).
The European market is expected to become a key target of Vietnamese steel exporters when the EU-Vietnam Free Trade Agreement (EVFTA) fully comes into effect, insiders have said.
The Vietnam Steel Association (VSA)’s member enterprises suffered a strong reduction in production and business in the first quarter of this year due to the COVID-19 pandemic.
Vietnam’s steel production was forecast to grow slightly, at about 6-8 percent, this year, reported the Vietnam Steel Association (VSA).
Escalating trade tensions and rising protectionism have caused a formidable pressure on Vietnamese steel sector, according to insiders.
As Vietnam joins more international trade agreements, dealing with and overcoming trade defence measures has become a top priority for Vietnamese businesses, especially for those working with markets known for their numerous and robust defence instruments such as the US and the EU.
VOV.VN- The volume of steel imports into Vietnam leaped by 42 per cent during the first seven months of this year, as reported by the General Department of Vietnam Customs.
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.
In recent months, Vietnam’s steel industry has had to compete with a rising amount of imported steel in the domestic market and faces a number of anti-dumping investigations in export destinations, reported the Ministry of Industry and Trade.
A recent rise in anti-dumping lawsuits in the local steel industry has steelmakers worried.
Improving material supply and proving product origin are ways to limit the impact of trade defence lawsuits amid the growing US-China trade war, according to insiders.
Vietnam’s steel production reached about 4.69 million tonnes in the first half of 2018, up 7% against last year, according to the Ministry of Industry and Trade.
Improving competitive capacity to expand export markets and understanding of international trade regulations are significant for Vietnamese steel firms to respond to trade defence lawsuits in the context of growing protectionism, said Chairman of Vietnam Steel Association (VSA) Ho Nghia Dung.
Despite the imposition of anti-dumping duties on colour-coated steel products by Indonesian authorities, Vietnamese steel producers should not worry about the possibility of losing competitiveness, according to the Vietnam Steel Association (VSA).
With growth of up to 22% forecast this year and firms with bright prospects, Vietnam’s steel industry has high potential to reach many markets if it overcomes difficulties in trade defence lawsuits and high import volume.
The Vietnam Steel Association (VSA) has said it and Vietnamese steel firms may submit the case related to the US’s plan to restrict the import of steel and aluminum products to the WTO, if necessary.
The steel industry is forecast to grow by 20-22% in 2018, said Vice Chairman of the Vietnam Steel Association (VSA) Nguyen Van Sua.
Vietnam exported 3.75 million tonnes of steel in 2017, a year-on-year increase of 34%, according to the Vietnam Steel Association (VSA).