China is no longer a major export market for Vietnamese-made steel, as revenue from steel shipments to the northern neighbor has plummeted, the General Department of Vietnam Customs reported.
Vietnam is expected to become an exporting country of iron and steel by end-2021 after decades of dependence on imported iron and steel from China.
Hoa Phat Group has chosen CMC Corporation as a strategic consulting partner to help accelerate its digital transformation journey in the next 5 years.
The fate of Thai Nguyen Iron and Steel plant – phase 2 remains uncertain and it is unable to restart while its debts are only swelling.
Currently, local production of hot rolled coil, a key input material for cold-rolled steel and other pre-painted galvanized steel sheet, cannot meet domestic demand.
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.
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.
The biggest difficulties facing Vietnam’s steel industry are trade remedies applied by importing countries and supply of materials.
China will have opportunities to export more hot rolled coil (HRC) products to Vietnam ad the products will be unaffected by import tariffs.