Vietnam's steel imports hit US$4 billion in 5 months
Vietnam imported more than 5.7 million tons of steel and iron totaling over US$4 billion between January and May, slightly up 1.1% year-on-year, according to the Ministry of Industry and Trade.
In May, Vietnam imported around 1.4 million tons of steel, taking the total imported volume of steel to 5.7 million tons in the five-month period.
Illustration photo.
|
Additionally, a total of nearly 9.7 million tons of all types of steel were produced, up 24% against the same period last year, and up 41.7% as compared with 2016.
VSA members sold some 6.7 million tons of steel, representing an increase of 35.2% year-on-year, of which 1.6 million tons were exported, up 47.7% year-on-year, according to the association.
Between January and April, Vietnam imported around 1.82 million tons of steel from China, down 34% year-on-year, accounting for 42.5% of Vietnam's total steel import volume.
In the other handn, Vietnam exported over 1.08 million tons of steel during the four-month period to ASEAN - its biggest export market, which accounted for over 57% of Vietnam's total products for export, followed by the US (15.2%), the European Union (10%), South Korea (4.1%), and Taiwan (China) with 3.3%.
Vice Chairman of the Vietnam Steel Association Nguyen Van Sua forecast that the steel industry will continue on its high growth trajectory of 20% - 22% this year, thanks to rising market demand.
The strongest growth will be seen in the production of hot-rolled steel with 154%, followed by welded steel pipe (15%), colored galvanized steel (12%), construction steel (10%), and cold-rolled steel (5%).
21:45, 2025/01/15
Hanoi seeks 5% export growth in 2025
The city’s total import-export turnover reached US$60.1 billion in 2024, up 11% year-on-year.
08:41, 2025/01/11
Vietnam-Laos Industrial Park: New direction to strengthen bilateral ties
Numerous Vietnamese projects in various sectors have effectively contributed to Laos' development, creating jobs and improving the livelihoods of tens of thousands of local workers.
22:19, 2025/01/09
Hanoi's foreign trade turnover hits US$60.1bn in 2024
The city will continue to support businesses in exploring new markets, capitalizing on the Free Trade Agreement of which Vietnam is a member.
11:46, 2025/01/09
Vietnam confident of achieving 8% growth rate in 2025
Key drivers of Vietnam’s growth include institutional reforms and decentralized governance.
14:34, 2024/12/26
UK’s accession to CPTPP to benefit Vietnam’s exports in 2025
Vietnam, in particular, will gain further access to a high-quality market, complementing its connections with Japan, Canada, and Australia.
16:41, 2024/12/16
Hanoi seeks greater efficiency in e-commerce tax management
Hanoi's e-commerce tax administration is expected to be significantly tightened in the near future.