Southeast Asia consumes most of Vietnamese steel hinh anh 1Illustrative photo (Photo: VNA)

Hanoi (VNA) – Southeast Asia has become Vietnam’s biggest iron and steel importer, making up 57.6 percent of the country’s total export volume in the sector, statistics show.

In the first eight months of this year, Vietnam’s export of iron and steel increased nearly 41 percent in volume against the same period last year to reach 4.05 million tonnes, worth 2.99 billion USD.

In August, Vietnamese iron and steel were sold abroad with prices up more than 14 percent year-year-year.

Among the Southeast Asian countries, Cambodia made up 34.9 percent of Vietnam’s total iron and steel export value. It was followed by Malaysia, Indonesia, the Philippines and Thailand.

The US is Vietnam’s second biggest iron and steel importer over the past time.

Vietnam’s iron and steel export to the EU also expanded 65 percent year-on-year to hit 364,408 tonnes.

Meanwhile, the volume to the Switzerland, Saudi Arabia, Pakistan, Australia and Spain dropped between 30-95 percent. -VNA