Iron and steel exports exceed US$10 billion for first time
Vietnamese iron and steel exports during the opening 11 months of the year enjoyed impressive growth with an export value exceeding US$10 billion, according to figures given by the Vietnam Steel Association (VSA).
Hoa Phat group is one of the enterprises that have taken full advantage of market opportunities to increase iron and steel exports.
Throughout the reviewed period, the group’s total sales of steel of all types reached eight million tonnes, representing an annual rise of 33% on-year.
Construction steel output stood at 3.5 million tonnes, up 15%, of which the export of finished construction steel alone reached 914,000 tonnes, marking a rise of 90%. In addition, the output of hot rolled coil hit more than 2.3 million tonnes.
For the first time, steel has been listed among products raking in more than US$10 billion each from exports. It is also the commodity that has boasted the highest growth rate of up to 129.8% compared to the same period from last year.
According to the VSA, this strong increase in market demand has contributed to help domestic iron and steel exports enjoy a number of advantages. As a result, several major domestic manufacturers such as Hoa Phat, Ton Hoa Sen, and Nam Kim have all achieved impressive export growth rates.
Vietnamese iron and steel products are mainly exported to markets such as ASEAN, China, the EU, and the United States. Although iron and steel exports to the Asian market tend to be in decline, their sales are growing strongly in both the EU and US markets.
The VSA forecasts that there will be more room for iron and steel exports in the coming months following a rising consumer demand, coupled with a temporary shortage of steel supply sources in China.
