Domestic steel sales of the Vietnam Steel Association (VSA) membercompanies rose in the first quarter, reaching 2.5 million tones – a 25percent increase on the year.
The domestic steel industry produced 2.7 million tonnes in the first quarter, up 17 percent over last year.
Morethan half of the steel consumed – 1.29 million tonnes – wasconstruction steel, which saw a year-on-year increase of 10.5 percent.
Constructionsteel sold in March hit 651,633 tonnes, increasing 160 percent overlast month and by 14.4 percent compared with the same period last year.
NguyenVan Sua, Vice Chairman of the VSA, attributed the increase in steelconsumption to the market's overall growth in March and the firstquarter.
The country's gross domestic product (GDP) edged up 6.03percent in the first quarter. The industrial and construction sectorposted growth of 8.25 percent.
The Government has promulgatedpolicies to support the country's economic development, including theproperty market, warming up the construction materials market andhelping boost steel consumption, according to the VSA.
Despitepositive domestic consumption, the sector exported 390,162 tonnes in thefirst quarter, a slight decrease compared with 392,132 tonnes in thesame period last year.
The domestic steel market would see more change after free trade agreements were signed, economic experts said.
Theyurged the VSA, ministries and agencies to prepare to manage the qualityof steel imported to Vietnam. Trade defence measures were also neededto protect domestic producers.
Enterprises were also advised toimprove technology, administrative efforts and competitiveness so theycould integrate more effectively in the future.-VNA
The domestic steel industry produced 2.7 million tonnes in the first quarter, up 17 percent over last year.
Morethan half of the steel consumed – 1.29 million tonnes – wasconstruction steel, which saw a year-on-year increase of 10.5 percent.
Constructionsteel sold in March hit 651,633 tonnes, increasing 160 percent overlast month and by 14.4 percent compared with the same period last year.
NguyenVan Sua, Vice Chairman of the VSA, attributed the increase in steelconsumption to the market's overall growth in March and the firstquarter.
The country's gross domestic product (GDP) edged up 6.03percent in the first quarter. The industrial and construction sectorposted growth of 8.25 percent.
The Government has promulgatedpolicies to support the country's economic development, including theproperty market, warming up the construction materials market andhelping boost steel consumption, according to the VSA.
Despitepositive domestic consumption, the sector exported 390,162 tonnes in thefirst quarter, a slight decrease compared with 392,132 tonnes in thesame period last year.
The domestic steel market would see more change after free trade agreements were signed, economic experts said.
Theyurged the VSA, ministries and agencies to prepare to manage the qualityof steel imported to Vietnam. Trade defence measures were also neededto protect domestic producers.
Enterprises were also advised toimprove technology, administrative efforts and competitiveness so theycould integrate more effectively in the future.-VNA
