The Vietnam Steel Corporation has set a target of producing nearly 1.5 million tonnes of billet steel and 2.6 million tonnes of rolled steel in 2014, year-on-year increases of 24.5 percent and 8 percent, respectively.

The corporation will also promote its restructuring, focusing on equitization.

Nguyen Manh Quan, Head of the Department of Heavy Industry under the Ministry of Industry and Trade (MoIT) predicted that the steel industry will continue coping with fierce competition this year, especially once Vietnam joins the Trans-Pacific Partnership (TPP).

The Corp should define strategies and map out specific plans to meet the every eventuality, he stressed.

In 2014, MoIT will also introduce measures solving difficulties facing the sector. It will work with the Ministry of Finance to help enterprises access more capital to promote their production and business.

Last year, the sector faced difficulties due to strongly decreasing demand for construction steel and steel enterprises had to compete with those from China.

Due to the low demand, steel producers had to reduce production. Total billet steel and rolled steel last year only equaled to 92.4 percent and 95 percent of the plan set for the year, respectively.-VNA