Tuesday, 11 Dec 2018
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ECONOMY

Vietnam's steel imports hit US$4 billion in 5 months

Updated at Wednesday, 20 Jun 2018, 07:59
The Hanoitimes - Vietnam imported more than 5.7 million tons of steel and iron totaling over US$4 billion between January and May, slightly up 1.1% year-on-year, according to the Ministry of Industry and Trade.
In May, Vietnam imported around 1.4 million tons of steel, taking the total imported volume of steel to 5.7 million tons in the five-month period. 
 
Illustration photo.
Illustration photo.
During this period, steel plants in Vietnam produced nearly five million tons of crude steel and consumed  around 5.2 million tons of steel products, said the Vietnam Steel Association (VSA). 

Additionally, a total of nearly 9.7 million tons of all types of steel were produced, up 24% against the same period last year, and up 41.7% as compared with 2016. 

VSA members sold some 6.7 million tons of steel, representing an increase of 35.2% year-on-year, of which 1.6 million tons were exported, up 47.7% year-on-year, according to the association. 

Between January and April, Vietnam imported around 1.82 million tons of steel from China, down 34% year-on-year, accounting for 42.5% of Vietnam's total steel import volume. 

In the other handn, Vietnam exported over 1.08 million tons of steel during the four-month period to ASEAN - its biggest export market, which accounted for over 57% of Vietnam's total products for export, followed by the US (15.2%), the European Union (10%), South Korea (4.1%), and Taiwan (China) with 3.3%. 

Vice Chairman of the Vietnam Steel Association Nguyen Van Sua forecast that the steel industry will continue on its high growth trajectory of 20% - 22% this year, thanks to rising market demand.

The strongest growth will be seen in the production of hot-rolled steel with 154%, followed by welded steel pipe (15%), colored galvanized steel (12%), construction steel (10%), and cold-rolled steel (5%). 
Ngoc Thuy
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