Steel imports rise 25 percent in 9 months hinh anh 1Steel products of Thai Nguyen Iron and Steel Joint Stock Corporation (Photo: VNA)

Hanoi  (VNA) - Vietnam spent 5.84 billion USD importing 13.92 million tonnes of steel and iron products in the first nine months of the year, the General Department of Customs’ statistics revealed.

The numbers were up 24.7 percent and 2.3 percent in volume and value, respectively, against the same period last year.

Imports from China were at 8.22 million tonnes, worth more than 3.25 billion USD, accounting for nearly 60 percent of the total volume and 55.7 percent of the total value. Import numbers from Japan and the Republic of Korea were 2.11 million tonnes and 1.33 million tonnes, worth 907 million USD and 722 million USD, respectively.

With this import value, iron and steel products was ranked fifth among the country’s 10 largest imported products in the first nine months of the year.

The Vietnam Steel Association attributed the increase in steel imports to rising construction demand in the domestic market. Domestic steel sales surged 27.8 percent year-on-year, the association reported.-VNA