Steel consumption surges by 40% in 4-month period
Vietnam’s steel industry is highly dependent on imported input materials, therefore, price hikes in the international market would lead to higher domestic finished products.
Vietnam’s steel industry is highly dependent on imported input materials, therefore, price hikes in the international market would lead to higher domestic finished products.
Vietnam is now ideally placed to attract additional foreign investment from the UK, the fifth largest global investor, said Tim Evans, CEO of HSBC Vietnam.
Vietnam posted a trade surplus of US$1.29 billion during the four-month period, a positive result amid difficult global trade environment as a result of the Covid-19 pandemic.
Resumption of economic activities as a result of effective Covid-19 containment has created room for strong rise in trade activities, stated the customs authorities.
Among US’ leading suppliers of textile and apparel, China continues to lose its market share (33% in 2019 to 28% in 2020) while Vietnam is the largest gainer (13% to 15%).
Not only witnessing a sharp increase in trade turnover, there has been a greater diversification in export market.
While the rollout of Vietnam's vaccination program is off to a slow start, but Fitch nevertheless expects the country’s GDP growth of about 7% in 2021 and 2022.
Prime Minister Nguyen Xuan Phuc made the statement in his last monthly meeting before a new government is formed.
Vietnam-Canada trade relations have reached US$9 billion, marking a fruitful result created by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Vietnam’s export growth in this year is set to be around 13-15% year-on-year, the largest expansion since 2017.