The European market is expected to become a key target of Vietnamese steel exporters when the EU-Vietnam Free Trade Agreement (EVFTA) fully comes into effect, insiders have said.
The Vietnamese steel industry is expected to face difficulties this year due to an increase in production capacity, falling demand and protectionist measures by countries to reduce imports, according to experts.
Many Vietnamese enterprises are keeping a close eye on the escalating US-China trade war and have said the challenges from it outnumber the opportunities for them.
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.
Second-quarter earnings of steelmaking companies showed signs of deterioration as prices of iron ore continued to increase, leading to higher production costs and lower profit.
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.
The Vietnam Chamber of Commerce and Industry has recently unveiled that many steel firms from the Republic of Korea (RoK) are planning their investments in Vietnam.
Vietnamese shares ended on December 15 on different notes, with investors’ confidence mixed on the last day in which exchange-traded funds (ETFs) completed their portfolio reviews.
Prime Minister Nguyen Xuan Phuc asked the Ministry of Public Security (MPS) to handle suspected financial violations by the Vietnam Rubber Group (VRG) prior to the company’s intended initial public offering.
Shares continued to rise on the Ho Chi Minh Stock Exchange on October 12, fueled by the growth of several major large caps, while the Hanoi Stock Exchange closed in the negative zone under high selling pressure.
Vietnam’s listed steel companies can achieve higher growth in 2017 if they optimise operations and exploit missing links in the sector’s supply chain, experts say.
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 Ministry of Industry and Trade (MoIT) will directly assess and supervise the development of the 10.6 billion USD Hoa Sen C a N a steel making complex in the south-central province of Ninh Thuan.
Vietnamese shares recovered on July 18 from a two-day decline as steel producers advanced on Government’s support and higher second-quarter performances.
Vietnamese shares on May 13 again closed mixed on the two local exchanges, erasing gains made earlier during the day while a recent sharp increase in oil prices boosted energy stocks.
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