Steel imports threaten domestic market of Vietnam (01/19/2016)
The workers were unloading imported consignments at the port of Haiphong in the range of 13.7 million tons last year, up 23% over the same period last year .
Deputy Chairman of the Vietnam Steel Association (VSA) - Mr. Nguyen Van Sua said Vietnam's steel industry is facing the pressure of imports, mainly steel and coated steel bar.
VSA said that in 2015, the steel imports into the country at 13.7 million tonnes, up 23% over the same period last year and more than 1.8 million tonnes of billet, an increase of 198% over the same period last year. Meanwhile, more than 1.6 million tons of rolled steel and wire rod imports in the previous year while the country produced only 1.1 million tonnes of rolled steel.
According to Mr. Sua, imports from China accounted for more than 8.4 million tons, worth more than 3.7 dolla billion, accounting for 60% of steel imports into Vietnam, up 57% over the same period last year and up 13.6% in value. Japan, South Korea and Taiwan are three major exporters in Vietnam, accounting for 35% of total steel imports.
Meanwhile, Vietnam exported 2.8 million tons of steel approximately variety to the main markets in ASEAN, an increase of 3%. However, Vietnam's steel industry has forecast steel output in its imports will increase by 15% based on the Free Trade Agreement between the two countries.
Mr. Nguyen Phuong Nam, deputy director of Industry of the Ministry of competition management Industry and Trade of Vietnam said without reasonable safeguards, many special steel imports from China will make it difficult for the domestic steel industry.
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