return icon Vietnamnet.vn

China makes up nearly 40% of Vietnam’s steel imports despite tighter trade measures

The neighboring country remained Vietnam’s leading supplier of steel over the last three years, with the quantity and value growing at two-digit growth rates annually.

{keywords}
 

Despite tighter trade protection measures against trade fraud activities, Vietnam imported 12.24 million tons of steel worth over US$8.1 billion in the first ten months of 2019, up 7% year-on-year in quantity and down 3.1% in value, in which China continues to be Vietnam’s largest steel exporter representing around 37% of Vietnam’s total steel imports, according to the General Department of Vietnam Customs (GDVC).

During the January – October period, Vietnam spent US$2.95 billion importing 4.64 million tons of steel from China, down 12.7% in quantity and 22.9% in value year-on-year. The neighboring country remained Vietnam’s leading supplier of steel over the last three years, with the quantity and value growing at two-digit growth rates annually.

Japan came in second place with 1.72 million tons worth US$1.14 billion, down 7.9% in quantity and 13.7% in value year-on-year, while India claimed the third position with 1.54 million tons worth US$798 million, up 189.8% in quantity and 133.5% in value.

Notably, despite trade protection measures from the Ministry of Industry and Trade (MoIT), Vietnam’s steel imports continue to surge.

The MoIT previously decided to extend the validity of anti-dumping duties on cold-rolled stainless steel products originated from China, Indonesia and Taiwan for another five years, starting from October 26.  

The market share of domestic steel companies witnessed a decrease during the 2018 - 2019 period and currently has shrunk to 42.8%, indicating the foreign companies are selling below their home market prices.

In early October, the MoIT also imposed anti-dumping duties on Chinese extruded aluminum bars at rates ranging from 2.49% to 35.58%, following complaints from local producers filed last October. 

A report from the Vietnam Steel Association suggested Vietnam’s steel industry has been at the center of trade probes from other countries following the escalation of the US – China trade war, particularly with growing cases of illegal transshipment of Chinese products via a third country to the US in an attempt to avoid the latter’s import tariffs. Hanoitimes

Hai Yen

Glut in steel forcing industry leaders to halt programmes

Glut in steel forcing industry leaders to halt programmes

The largest steelmaker in Vietnam is considering a hold on its third blast furnace facility due to concerns with China’s steel presence in the country.

VN steel manufacturers face difficulties as prices drop and inventories rise

VN steel manufacturers face difficulties as prices drop and inventories rise

According to the Vietnam Steel Association (VSA), in the first nine months of 2019, domestic steel output reached 18.83 million tons, an increase of 6.7 percent compared with the same period last year.

MORE NEWS

27 senior Party members disciplined in H1/2022

The Party Central Executive Committee, the Politburo, the Secretariat, and the Central Commission for Inspection disciplined 27 officials managed by the Politburo and the Secretariat in the first six months of 2022, 20 cases up year on year.

Hanoi to inspect fire prevention at all karaoke parlors

Half a month after the karaoke parlor fire in Cau Giay District, the Hanoi People's Committee has asked districts to inspect all karaoke parlors and bars and handle violations.

Vietnam needs extra US$368 billion to achieve net zero emissions

As the energy industry has a crucial role in achieving net zero emissions by 2050, it requires a structural transition toward green growth. Therefore, Vietnam needs assistance from developed countries regarding both financial and technical issues.

Labor Minister proposes harsh punishment for child offenders

Minister of Labor, War Invalids and Social Affairs Dao Ngoc Dung signed an official letter requesting to have harsh punishment for child offenders and strengthening measures to prevent violence against children.

Pu Sam Cap Cave: the hidden charm of Lai Chau

Pu Sam Cap Cave in Pu Sam Cap Commune, Sin Ho District, in the northwestern province of Lai Chau, is known for its wild, beautiful and mysterious beauty.

Hanoi’s three largest parks are seriously degraded

Many public works in the parks of Thu Le, Bach Thao, and Thong Nhat in Hanoi are in disrepair, affecting urban beauty and public experiences.

Why are thousands of public employees taking private-sector jobs?

Many public employees have recently quit their jobs and taken a job in the private sector. This indicates that the public sector is not attractive and that many problems need to be addressed.

Kon Tum Province records 300 earthquakes over a year

The Central Highland province of Kon Tum has recorded more than 300 earthquakes since April 2021, according to the provincial administration.

Highly-infectious BA.2.74 Omicron sub-variant detected in Vietnam

Vietnam has detected a number of new, highly-contagious Omicron sub-variants, including BA.2.74, said the General Department of Preventive Medicine on August 17.

Relaxing visa policy to attract more foreign tourists to Vietnam: insiders

Vietnam’s visa policy should be more open to lure international tourists, insiders have said.

Vietnam Airlines resumes, increases frequency of several flights in September

The national flag carrier Vietnam Airlines will resume flights connecting the central city of Da Nang with Malaysia’s Kuala Lumpur and Thailand’s Bangkok from September 1 and September 15, respectively, the carrier has announced.

Da Lat listed among world’s best places for binge-worthy dating

Booking.com has named Vietnam's Da Lat city among the world's six places for the summer’s binge-worthy dating shows.

Quang Ninh refutes allegations of sea encroachment in Ha Long Bay

The authorities of Quang Ninh province has refuted information that it has allowed a project to conduct sea encroachment and subdivide land plots for sale, which seriously undermined the conservation of the UNESCO-recognised Ha Long Bay.

VN extends time of anti-dumping investigation on tables, chairs from Malaysia, China

The Ministry of Industry and Trade (MoIT) has decided to extend time limit of investigation on applying anti-dumping measures on table and chair products originating from Malaysia and China by six months.

EVFTA and UKVFTA: the same sweet spot

With many similarities, the UK- Vietnam Free Trade Agreement (UKVFTA) could be called a direct copy of the EU- Vietnam Free Trade Agreement (EVFTA).
back_to_top