Vietnamplus

Vietnam’s leading steel maker – Hoa Phat Group – and Kyoei Steel Group of Japan shared the wish for long-term cooperation in steel billet and scrap steel supply.

Hoa Phat Group, a leading steel maker in Vietnam, shipped 191,600 tonnes of steel products aboard in the first nine months of 2019, rising 32 percent year on year and accounting for nearly 10 percent of its total sales.

The Trade Remedies Authority of Vietnam (TRAV) is verifying some domestic companies’ dossiers that seek a sunset review of the safeguard measure on steel billets and long steel products imported into the country.

Lao Cai must strive towards sustainable and inclusive tourism development, Prime Minister Nguyen Xuan Phuc told the northern mountainous province’s trade, investment and tourism promotion conference, which took place on July 20.

Vietnamese manufacturers are set to increase their selling prices following the 8.36 percent hike in electricity price that launched from March 20.

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.

Vietnam’s Ministry of Industry and Trade (MoIT) has decided to maintain safeguard measures for steel billets and steel bars imported from a number of countries and territories including China, the US, Canada, Germany, France, Japan and the Republic of Korea.

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 Hoa Phat Group announced on January 4 that it exported about 200,000 tonnes of steel in 2017.

Japanese steelmaker Kyoei Steel Group has announced that it would build a 200 million USD reinforcing bar factory in northern Vietnam.

The steel industry is predicted to grow by 12-15 percent in the next five years, heard a workshop titled “Steel sector dialogue: Prospects 2017-2020” in Ho Chi Minh City on June 12.

The domestic steel industry has seen a slowdown in recently months with weak steel sales and price drops, according to the Vietnam Steel Association (VSA).

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 sector is looking for ways to boost domestic sale and export to reduce inventories, which have been increasing in the first quarter.

The General Department of Customs has asked its officials to strengthen checks on imported steel products after a series of reports on steel firms submitting incorrect declarations about product codes.

Though Vietnam possesses huge amounts of iron ore, there is a serious shortage of steel for the mechanical engineering industry and defense industry, said Truong Thanh Hoai, Director of the Heavy Industry Department under the Ministry of Industry and Trade.

The Vietnam Steel Corporation (VnSteel) aims to earn consolidated revenue of 18.8 trillion VND (835.5 million USD) in 2017, an increase of 800 billion VND from 2016.

The steel sector turned out 17.5 million tonnes of products last year, up 16.8 percent from 2015, according to the Vietnam Steel Association (VSA).

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.

Domestic steel prices are expected to rise in the near future, thanks to increasing construction demand, the real estate market’s recovery and high consumption.