Consumption of steel in the first seven months of 2020 fell 9.6 percent year-on-year to 12.37 million tonnes, according to the Vietnam Steel Association (VSA).
Hoa Phat Group (HPG), the largest steel maker in Vietnam, reported post-tax profit of over 2.75 trillion VND (120.2 million USD) in the second quarter of this year, its highest quarterly post-tax profit for 30 years, up 34 percent year-on-year.
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.
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.
Vietnam’s steel industry is facing 47 anti-dumping and anti-subsidy investigations from importing countries, accounting for one-third of the total cases of Vietnamese goods, according to a report from the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).
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.
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.
Despite the imposition of anti-dumping duties on colour-coated steel products by Indonesian authorities, Vietnamese steel producers should not worry about the possibility of losing competitiveness, according to the Vietnam Steel Association (VSA).
The Vietnam Steel Association (VSA) has said it and Vietnamese steel firms may submit the case related to the US’s plan to restrict the import of steel and aluminum products to the WTO, if necessary.
As of February 22, the number of workers returning to work at industrial and processing zones in Hanoi following the Tet (Lunar New Year) holiday reached 98-99 percent.
The US Department of Commerce (DOC) has decided to carry out antidumping duty and countervailing duty investigations on imports of corrosion-resistant carbon steel pipe from Vietnam.
The Ministry of Industry and Trade on October 5 decided to conduct an anti-dumping investigation into H-shaped steel products imported from China (including Hong Kong).
The Vietnam Competition Authority (VCA) said it received an appeal from domestic steel enterprises, demanding imposition of anti-dumping measures on H-shaped Chinese steel products.
Shares of average-sized steel firms listed on the local market recovered, thanks to the expectation of positive business results from rising steel prices in the first quarter of 2016.
The Vietnam-Eurasian Economic Union Free Trade Agreement signed on
May 29 is forecast to offer both ample opportunities and tough
challenges to Vietnamese businesses.
Chinese steel landing in Vietnam in the January-April period has seen a
yearly increase of 135.4 percent, which is in turn having an enormous
impact on Vietnamese steel sector, said Nguyen Van Sua, Vice Chairman of
the Vietnam Steel Association (VSA).
Although the construction season had begun, the sale volume in April of
almost all steel enterprises were lower than March's sale figure, the
Vietnam Economic News said on May 19.
The ASEAN Economic Community (AEC) would bring challenges, as well as
improved export opportunities for Vietnam when the AEC is formed in
2015, according to experts.
The Vietnam Steel Corporation has set a target of producing nearly 1.5
million tonnes of billet steel and 2.6 million tonnes of rolled
steel in 2014, year-on-year increases of 24.5 percent and 8 percent,
respectively.
Business
XIII National Congress of Communist Party of Vietnam
