Iron and steel exports witness big leap

During the opening two months of the year, iron and steel exports have enjoyed a stellar growth rate of 71.9% compared to the same period from last year, with major domestic firms such as Hoa Phat and Hoa Sen exporting large shipments.
Iron and steel exports witness big leap

The nation exported a total of 1,568 million tonnes of iron and steel worth US$1.123 billion during the reviewed period, marking a sharp rise of 71.9% compared to last year’s corresponding period, according to data released by the General Department of Vietnam Customs.

January saw Hoa Phat Group, the country's leading steel maker, export roughly 10,000 tonnes of galvanized sheet partners to Belgium and Spain, while it also shipped more than 12,000 tonnes of cold galvanized steel to the Americas in February.

Along with construction steel, Hoa Phat Group has also ramped up its export of steel pipes, galvanized steel, and galvanized steel wire to foreign markets.

Furthermore, Hoa Sen Group Joint Stock Company shipped high-value batches of galvanized steel sheet to the United States, Mexico, Europe, and Southeast Asia, with export volume exceeding 100,000 tonnes per month.

Nghiem Xuan Da, chairman of the Vietnam Steel Association, said domestic steel consumption throughout the reviewed period was estimated to have decreased by 30% compared to the same period from last year.

Da believes that although a series of free trade agreements (FTAs) have come into force, such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Vietnam-UK Free Trade Agreement (UKVFTA), not many local firms have the capacity to increase exports to the EU market.

In general, the local steel industry faces a number of obstacles due to five further countries, including Malaysia and Philippines which are two of the country’s major markets, conducting anti-dumping investigations into Vietnamese galvanized steel and steel pipes.

Moreover, the European Commission (EC) has recently announced plans to consider extending safeguard measures for imported steel. This comes after the EU on February 1, 2019, applied a safeguard measure against imported steel in the form of tariff quotas, with three groups of steel products from the nation being levied.

Experts have therefore advised local businesses to strive to fully tap into high-value markets such as China and Cambodia moving forward, with China expected to become a billion-dollar export market with many product lines.

vov.vn

Related News

Quang Tri Customs makes great effort to foster imports and exports across area

Quang Tri Customs makes great effort to foster imports and exports across area

VCN – Quang Tri Customs Department determines that accompanying businesses is a requirement and responsibility to support businesses in overcoming difficulties, contributing to the socio-economic development in the area.
Removing difficulties in tax exemption and refund policies for export processing enterprises

Removing difficulties in tax exemption and refund policies for export processing enterprises

VCN - The Customs agency has received many proposals from businesses about answering and guiding policies on tax exemption, import tax and VAT refund for export processing enterprises. The General Department of Customs has responded and provided instructions for each specific case.
Trade deficit from China in the first two months of the year hits over US$ 11 billion

Trade deficit from China in the first two months of the year hits over US$ 11 billion

VCN – Over the past two months of the year, Viet-Nam trade turnover reached over US$ 27 billion.
3 exported agricultural groups worth billion US$

3 exported agricultural groups worth billion US$

VCN – The export of agricultural products prospered in the first two months of the year. Notably, three agricultural commodity groups saw export turnover of US$ 1 billion or more.

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version