The Ministry of Public Security (MPS) has taken legal action against 14 persons involved in legal violations in Phase 2 of the production expansion project at the Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO).
The implementation of many large projects after the social distancing period and disbursement of public investment for infrastructure until the end of this year are expected to support growth in construction steel consumption, according to Rong Viet Securities (VDSC).
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.
Vietnamese steelmakers were in need of State support to minimise the damage caused by the outbreak of the novel coronavirus disease (COVID-19), which could well reach a pandemic as dozens of countries reported new infections, said industry leaders and experts.
The Standing Board of the Ho Chi Minh City Party Committee in the 2010-2015 tenure and the Party unit at the municipal People’s Committee in the 2011-2016 tenure have been found to make so serious violations that call for disciplinary measures.
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.
Mai Van Tinh, former Chairman of the Board of Directors of the Vietnam Steel Corporation (VNSTEEl) and Dau Van Hung, former General Director of VNSTEEL were detained by for investigations into their alleged legal violations in the second phase of the production expansion project of Thai Nguyen Steel and Iron Corporation (Tisco).
The Ministry of Industry and Trade (MoIT) will transfer State capital ownership representative rights in five enterprises to the State Capital Investment Corporation (SCIC) in the first quarter of this year.
Deputy Minister of Industry and Trade Do Thang Hai has asked the Vietnam Steel Corporation (VNSteel) to provide accurate market evaluations and forecasts to build the production and business plan.
The Vietnam Steel Association (VSA) predicts that consumption for steel in both domestic and foreign markets will maintain stable growth until year’s end, after rises in production and sales over the last 10 months.
With growth of up to 22 percent 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.
Deputy Prime Minister Vuong Dinh Hue has ordered responsible ministries and enterprises to resolutely handle prolonged loss-making projects in line with market mechanisms while reaffirming that the State would not pump money into inefficient projects.
The Vietnam Steel Corporation (VnSteel) expects to disburse 454 billion VND (20 million USD) in investment and earn 200 billion VND (8.8 million USD) in pre-tax profits in 2017.
The steel industry is expected to maintain its recent double-digit growth this year, helped by the recovery of the property market, but it will also face the pressure of trade defense instruments in import markets and competition from cheap steel.
Da Nang city continues to top the Vietnam ICT Index 2016, the rankings on the readiness for information and communications technology development and application, which was revealed on March 22.
Up to 27 projects of seven State corporations are listed in the Ministry of Industry and Trade’s directive as being liable to cause environmental pollution.
Though Vietnamese companies export an insignificant volume of cold-rolled steel to the US, they will still face difficulties if the US applies trade remedy measures against this product.
The Vietnam Steel Corporation (VNSteel) has achieved stable growth in the first six months of this year, completing 53-68 percent of the corporation’s yearly targets.
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