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.
Vietnam’s steel industry has high potential to reach a production growth rate of 22 percent and expand export markets this year.
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.
The steel industry is forecast to grow by 20-22 percent in 2018, said Vice Chairman of the Vietnam Steel Association (VSA) Nguyen Van Sua.
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.
Vietnamese enterprises, especially those having trade links with Chinese counterparts, will suffer from the negative impacts of China’s move to devalue its yuan currency, said experts.
The Vietnam Steel Association (VSA) and the South East Asia Iron and Steel Institute (SEAISI) jointly held an international expo in Hanoi on May 30 to improve competitiveness of the steel sector.
The steel industry has seen a record growth over the first 11 months this year, up 30.1 percent from the same period last year, according to the Vietnam Steel Association.
