CATEGORIES

© Copyright 2004; Hanoitimes - Economic and Urban Newspaper;

The tribune of Hanoi People’s Committee

Publication Permit: 29/GP-CBC

Editor - in - Chief: Nguyen Thanh Loi

Managing Editor: Ta Thu Giang

Email : thugiang@hanoitimes.vn

Head Office: 21 Huynh Thuc Khang Street, Dong Da District, Hanoi

Branch Office: 221 Tran Phu Street, Ha Dong District, Hanoi

WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam steel industry shift to local substrates amid looming US punishing tariffs
Ngoc Mai 16:05, 2019/07/11
In 2019, local supply of hot-rolled steel is projected to meet 40% of domestic demands, which is on track to increase to 70 – 80% following the upcoming operation of the US$2.6-billion Hoa Phat Dung Quat iron and steel production complex.
Vietnam’s steel industry has shifted its focus on using local substrates for production, making it less dependent on foreign input materials amid 400%-plus US tariffs on steel products originated from South Korea and Taiwan, Tuoi Tre News reported. 
 
Illustrative photo.
Illustrative photo.
In 2019, local supply of hot-rolled steel is projected to meet 40% of domestic demands, which is on track to increase to 70 – 80% following the upcoming operation of the US$2.6-billion Hoa Phat Dung Quat iron and steel production complex, according to Vietnam Steel Association (VSA). 

As of present, domestic production of hot-rolled steel reached 1.7 million tons, while imported ones were 3.25 million tons, of which South Korea and Taiwan accounted for 15 – 16% of Vietnam’s total imports of the products, and the remaining were from Japan, Belgium and Austria. 

To minimize risk and diversify markets, VSA urged local enterprises to prioritize local input materials from Formosa Ha Tinh Steel Corporation (FHS), or importing inputs from countries other than South Korea or Taiwan to avoid US tariffs. 

VSA and government agencies are providing information regarding steel production in Vietnam to the US to meet its strict requirements over product origin. 

In the first five months of 2019, Vietnam exported 235,000 tons of steel products to the US worth US$185 million, down 37% in quantity and 40% in value year-on-year. Of the total, 80 – 85% of the products were cold-rolled steel and corrosion-resistant steel products. 

The amount of steels exported to the US accounted for 8.6% of total Vietnam’s steel exports, significantly lower than the rate of 14% recorded in the same period last year. 
Comments
Other news
23:51, 2024/09/17
Vietnam’s businesses urged to get ready for CBAM
The government is actively engaging in multilateral forums to seek more flexible commitments and regulations that better support Vietnamese businesses.
13:19, 2024/09/14
Global tech giants pay US$252 million in taxes in Jan-Aug in Vietnam
The big taxpayers include Google, Meta (Facebook), Microsoft, TikTok, Netflix, and Apple.
14:29, 2024/09/07
Changes needed for PDP VIII to ensure viable power supply: Trade Ministry
The Ministry of Industry and Trade (MoIT) said it is planning to revise the Power Development Plan (PDP VIII), a little over 15 months after its approval, to ensure a feasible energy supply.
11:12, 2024/09/02
Vietnam Gov’t approves pilot smart border gate project with China
The project focuses on transforming the Huu Nghi International Border Gate into a "model border gate", the most advanced land border gate in ASEAN.
22:34, 2024/08/30
Hanoi aims to speed up e-commerce industry
There has been a boom in online trading in the major cities of Vietnam, including Hanoi.
21:13, 2024/08/29
Provincial leaders responsible for combating IUU fishing: PM
The European Commission is set to conduct a 5th round of inspection in Vietnam in October.