Steel industry to join 10-billion USD export club

Illustrative image (Photo: VNA)

With a record export growth rate in the first nine months of 2021, steel is forecast to soon join the 10-billion USD export club.

As of October 15, Vietnam had earned 9.04 billion USD from shipping steel and steel products abroad, up 135.3 percent against that of the same period last year.

Statistics of the Ministry of Industry and Trade’s Import-Export Agency show that the export turnovers of steel and steel products in the three most recent months all surpassed 1 billion USD, with nearly 1.1 billion USD in July, 1.19 billion USD in August and 1.17 billion USD in September.

According to the Vietnam Steel Association (VSA), steel exports are favourable when demand in many markets is increasing sharply.

Orders from many major markets are still increasing, while the production capacity of the domestic steel industry continues to be strengthened by big projects of Hoa Phat, Nam Kim and Hoa Sen. Therefore, it is expected that the steel industry will join the 10-billion USD export club in the first half of November.

In 2020 and the first nine months of 2021, Vietnam had six commodities listed in the 10-billion USD export club, including phones and components, garment and textiles, footwear, wood and wood products, computers and components, and machinery, equipment and spare parts./.