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Vietnam’s steel industry expected to grow 12-15 percent

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.
Vietnam’s steel industry expected to grow 12-15 percent ảnh 1The steel industry is predicted to grow by 12-15 percent in the next five years (Source: VNA)

HCM City (VNA) – The steel industryis 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.

According to the Vietnam Steel Association(VSA), in 2017, cast iron output is forecast to increase 80 percent to reach4.5 million tonnes, while steel billets will jump 47.2 percent (11.5 milliontonnes), finished steel products up 12 percent (20 million tonnes), cold rolledcoils up 13 percent and steel pipes up 15 percent.

Vietinbank Securities JSC General DirectorKhong Phan Duc said that the Vietnamese steel industry’s scale is not large,but the sector has competitive advantages, especially in production costs.

In addition, the domestic demand for steelremains huge thanks to infrastructure projects and rapid urbanisation in ruralareas, he stated.

To help the industry thrive, VSA ViceChairman Nguyen Van Sua suggested domestic manufacturers improve theirtechnologies and production lines.

Sharing this view, General Director of theNam Kim Steel Joint Stock Company Pham Manh Hung proposed diversifying productsand optimising production scales to reduce production costs and increase price competitiveness.

Last year, the steel sector grew by 18.1percent. It turned out 17.5 million tonnes of products, up 16.8 percent from2015.

In 2016, the sector exported 2.4 billion USDworth of goods, but posted total import costs of 9.1 billion USD.-VNA
VNA
#steel industry #Vietnam Steel Association #cast iron #steel products #steel billets #cold rolled coils #Vietnamplus #Vietnam News
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