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.
Steelmaker Hoa Phat set new records in sales and exports after the group sold 250,000 tonnes of construction steel in October, with 40,000 tonnes shipped abroad.
Hoa Phat Group has announced that it churned out 179,400 tonnes of construction steel in August, 9,500 tonnes of which were for export.
Improving material supply and proving product origin are ways to limit the impact of trade defence lawsuits amid the growing US – China trade war, according to insiders.
Hoa Phat has posted revenue and post-tax profit gains of nearly 27.6 trillion (over 1.19 billion USD) and over 4.4 trillion VND (190 million USD) in the first half of 2018, representing rises of 30 percent and 27 percent from the same period last year, respectively.
Domestic consumption of steel in June dropped 14.9 percent compared to May to 1,794,193 tonnes and production output also fell 1.25 percent month on month to 2,058,445 tonnes, according to the Vietnam Steel Association.
A delegation of investors from the Republic of Korea (RoK) has visited Hoa Phat Group, one of the three largest steel producers in Vietnam, to seek partnership opportunities.
Vietnamese steel producers should follow laws and requirements on origin when exporting their products to the United States, suggested Ho Nghia Dung, Chairman of the Vietnam Steel Association.
The Ministry of Finance (MoF) has drafted a circular on rules and methods of collecting information and reporting market prices of some domestic goods and services.
Steel will be included in the country’s key export items besides fruits, garment and textile, footwear and seafood products, an official from the Ministry of Industry and Trade has said.
The process of the Hoa Phat Dung Quat iron and steel production complex project is on schedule with the first line expected to be operational in the third quarter of this year, meeting demands of the central and southern regions.
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.
The Hoa Phat Group announced on January 4 that it exported about 200,000 tonnes of steel in 2017.
Vietnam’s Mechanization Electrification Construction Corporation JSC and Japan’s JFE Steel Corporation held an opening ceremony for the two companies’ newly merged unit, Agrimeco & JFE Steel Products Co., Ltd.
The local steel sector saw a high growth rate in the first nine months of the year, despite difficulties, said the Vietnam Steel Association (VSA).
Japanese steelmaker Kyoei Steel Group has announced that it would build a 200 million USD reinforcing bar factory in northern Vietnam.
The Vietnam Steel Association (VSA) is calling on the Government to maintain a series of quality and management controls in the steel industry since trade fraud in steel imports is still high.
Hoa Phat Group (HPG) expects to hand over apartments of the Mandarin Garden 2 to buyers at the end of this year.
