EVFTA contributes to pushing up steel exports to EU market
Most notably, the average export price of iron and steel reached US$901 per tonne, representing a rise of 68.8% compared to statistics from 2020, thereby making the products rank among eight items with an export turnover reaching over US$10 billion.
Nghiem Xuan Da, chairman of the Vietnam Steel Association (VSA), emphasised that the EVFTA has contributed to accelerating the export of several commodities to the EU market, including iron and steel products, adding that local enterprises have moved to take full advantage of the tax incentives brought about by the trade deal.
Aside from the EU market, steel exports to the UK over the past year have also witnessed positive signs thanks to the implementation of the UK - Vietnam Free Trade Agreement (UKVFTA) as of January 1, 2021, with 419,000 tonnes worth nearly US$500 million, up 700% in volume and 1,269% in value.
Moreover, the EU has developed into an export market of approximately US$2 billion for the local steel industry, two years on from the enforcement of the EVFTA, which have proven that local firms have conducted a careful market survey and invested in production activities as part of efforts to meet the high standards set by EU importers.
Specifically, Hoa Phat Dung Quat Steel Joint Stock Company recently signed a contract to export an initial batch of hot rolled coil (HRC) to Italy with a volume of 35,000 tonnes, adding that the company has also received orders for it to export construction steel with a total volume of 720,000 tonnes until May.
Despite a rise in export orders, local firms are still required to learn about the various commitments included in the trade pact as part of efforts to avoid trade remedy cases in the future, said Le Trieu Dung, director of the Trade Remedies Authority under the Ministry of Industry and Trade.
Related News
Vietnam’s exports to the U.S. near US$100 billion milestone
09:46 | 21/11/2024 Import-Export
From the “abnormal” coffee price, worries about the new crop
09:46 | 21/11/2024 Import-Export
Opportunity to accelerate agricultural export to China
10:04 | 18/11/2024 Import-Export
Revising policies to adapt to two-way impact of FTAs
09:24 | 10/11/2024 Finance
Latest News
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export
Vietnamese enterprises facing challenges from cross-border e-commerce platforms
14:32 | 21/11/2024 Import-Export
More News
Vietnam, Malaysia eye new milestone in trade ties
14:29 | 21/11/2024 Import-Export
Shrimp exports surge in 10 months, generating 3.2 billion USD
14:27 | 21/11/2024 Import-Export
What obstacles limit the market share of Vietnamese goods in the UK?
14:49 | 20/11/2024 Import-Export
Why seafood exports to some Middle Eastern Countries are stalled
14:47 | 20/11/2024 Import-Export
Storm No. 3 destroys profits of many insurance companies
14:45 | 20/11/2024 Import-Export
Vietnam, Malaysia eye golden partnership opportunities in Halal industry
14:44 | 20/11/2024 Import-Export
Tra fish sector aiming for production, processing greening for sustainable development
14:41 | 20/11/2024 Import-Export
Developing supporting industries for the billion-dollar export commodity groups
09:26 | 20/11/2024 Import-Export
Village craft products conquer the world
09:25 | 20/11/2024 Import-Export
Your care
VN's food processing industry struggles to improve quality and value chain integration
15:53 | 22/11/2024 Import-Export
Approach strategy of the seafood industry when implementing UKVFTA
09:26 | 22/11/2024 Import-Export
Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth
09:25 | 22/11/2024 Import-Export
Vietnamese enterprises facing challenges from cross-border e-commerce platforms
14:32 | 21/11/2024 Import-Export
Vietnam, Malaysia eye new milestone in trade ties
14:29 | 21/11/2024 Import-Export