Steel production has transformed significantly thanks to active participation from private enterprises, which have invested big in advanced production technologies and completed steel manufacturing lines with high-capacity plants, resulting in diverse and high-quality products.
Prime Minister Pham Minh Chinh said Hoa Phat Group plays a key role in the development of the domestic steel industry and the broader industrialisation and modernisation efforts of the country.
Appropriate and timely trade measures, following Vietnam's and World Trade Organisation (WTO) regulations, will help the domestic steel industry minimise damage caused by unfair competition practices and protect local production, said industry leaders and experts.
The steel industry in Vietnam is expected to have a positive outlook for 2024, with major companies like Hoa Phat and Hoa Sen projected to experience significant recoveries, while small businesses may face challenges in finding output due to the recovery of steel prices and demand from large contractors.
The steel industry has affirmed its position by reaching the Top 12 in the world in terms of crude steel production. Not only is the production output growing rapidly, but Vietnamese steel products are also gradually becoming more diverse, according to the Vietnam Steel Association (VSA).
More than 400 major industry players from the Asian steel sector, including industry experts, associated trade associations and government representatives joined the 2024 Southeast Asia Iron and Steel Institute (SEAISI) Conference and Exhibition in the central city of Da Nang.
To improve competitiveness for the steel industry, businesses have been advised to optimise technology, save energy, and implement product quality standards, experts said.
To promote steel exports to the European Union (EU) market, Vietnam's steel manufacturers need to optimise technology, save energy, and carry out product quality standards of the EU, according to Do Nam Binh, head of the Minerals and Metallurgy Division at the Department of Industry under the Ministry of Industry and Trade (MoIT).
The World Trade Organisation (WTO) estimated that steel export value may drop by 4% under the impact of the EU Carbon Border Adjustment Mechanism (CBAM). A drop in demand will lead to a reduction of about 0.8% in output.
The Vietnam Export Forum 2023 took place in Hanoi on November 24 with a focus on green export promotion to meet the growing green consumption trend in the world.
The determination of the Government, ministries, sectors and localities to promote disbursement of public investment, and efforts taken to address difficulties and speed up the development of the real estate market are positive signs for the steel industry to regain growth momentum in the remaining months of 2023 and early 2024, according to insiders.
Posco Yamato Vina Steel Joint Stock Company has become the first steel maker in Vietnam officially granted the international EPD (Environmental Product Declaration) certificate.
Hoa Phat Group contributed nearly 7.4 trillion VND (315.97 million USD) to the State budget in the first half of 2022, rising 42% year on year and surpassing the entire 2020’s estimate, the conglomerate reported.
Over-reliance on input material imports, small production value and outdated technology were among the major weaknesses of Vietnam's steel industry, said a recent report by the Ministry of Industry and Trade.
Many insiders believe that 2022 will be a promising year for the steel industry when the pandemic is brought under control and construction demand rebounds strongly.
The Ministry of Industry and Trade (MoIT) has decided to maintain the anti-dumping measure imposed on some H-shaped steel products from Malaysia since April 2021.
The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.
The production and consumption of building materials started resuming at the end of the third quarter this year as lots of construction works were speeding towards completion, however, local producers have been warned to watch the market to avoid a possible surplus.
