The industrial manufacturer Hoa Phat Group posted 24.9 trillion VND in revenue in the third quarter of this year, up 62.7 percent year on year, and after-tax profit of over 3.78 trillion VND, doubling the figure recorded in the same period last year, the highest result that the firm has made in a quarter.
While local export products have been facing more anti-dumping investigations and tax evasion cases in foreign countries, Vietnamese enterprises are still unaware of the risk.
Bilateral and multilateral economic cooperation agreements Vietnam has signed have enabled the Hoa Phat Group’s Hoa Phat Steel Sheet Co. Ltd to penetrate into many new markets and promote exports.
The Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam (TRAV) recently sent a letter opposing several contents in the Indonesia's draft conclusions of an anti-dumping investigation on colour-coated steel sheet products imported from Vietnam and China.
Industrial production was greatly affected by COVID-19 in the first half of 2020 but has gradually bounced back since May, according to the General Statistics Office (GSO).
Vietnam is increasing the application of trade defence instruments to protect the legitimate rights of domestic producers as the country integrates rapidly into the global economy.
Hoa Phat Group exported more than 265,000 tonnes of construction steel in 2019, up 11.3 percent year on year, the multi-sectoral conglomerate reported.
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.
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.
The Ministry of Industry and Trade (MoIT) has announced temporary anti-dumping duties on colour-coated steel sheets originating from China and the Republic of Korea (RoK), which take effect from June 25.
Enhancing product quality and optimising production costs would help domestic steel producers compete with cheap products imported from China, said Nguyen Van Sua, Vice President of the Vietnam Steel Association.
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.
Hoa Sen Corporation shipped 17,000 tonnes of steel sheet worth over 14 million USD to the US on January 10 – the firm’s first batch of exports to the market in 2019.
The Komite Anti Dumping Indonesia (KADI) under the Ministry of Trade on September 25 announced the termination of an anti-dumping investigation on colour-coated steel products imported from Vietnam, according to the Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam.
Improving competitive capacity to expand export markets and understanding of international trade regulations are significant for Vietnamese steel firms to respond to trade defence lawsuits in the context of growing protectionism, said Chairman of Vietnam Steel Association (VSA) Ho Nghia Dung.
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.
The Indonesian Anti-Dumping Committee (KADI) has announced the application of anti-dumping measures on colour-coated steel sheet imports from Vietnam and China.
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