Many insiders believe that 2022 will be a promising year for the steel industry when the pandemic is brought under control and construction demand rebounds strongly.
Corrosion resistant steel produced in Vietnam. (Photo: congthuong.vn)
Hanoi (VNA)– Many insiders believe that 2022 will be a promising year for the steelindustry when the pandemic is brought under control and construction demandrebounds strongly.
Last year’s crude steel output isestimated at 23 million tonnes, up 16 percent from 2020. Meanwhile, 33 milliontonnes of finished steel products was manufactured and 29 million tonnes sold,respectively rising 19 percent and 16 percent, according to the Vietnam SteelAssociation (VSA).
Positive export results were recordedin 2021 when more than 14 million tonnes of finished and semi-finished steelproducts were shipped abroad, bringing home over 12.7 billion USD. However, domesticsales fell 11 percent year on year as a result of the coronavirus resurgence’s impact.
VSA Vice Chairman TranTuan Duong, who is also Vice President of the Hoa Phat Group, said despite thelingering COVID-19 pandemic, the steel industry of Vietnam has still postedgrowth. Facing stagnation in the domestic market, businesses have boostedexports, making the country a net exporter and the largest producer of steel inSoutheast Asia.
Chairman of the association NghiemXuan Da held that 2021 was a favourable year for the steel sector of Vietnamand the world at large. As free trade agreements took effect and trade tensionsbetween superpowers caused difficulties to the global market, it was a chancefor the Vietnamese industry to join global supply chains.
Vietnam’s steel market is forecast tohave a better outlook in 2022 when the Government issued directions on stabilisingand developing production and business activities flexibly adapted to thepandemic.
The VSA noted the Government’sResolution No. 01/NQ-CP, released on January 9, 2022, that details measures forsocio-economic recovery and development will support the industry to grow morestrongly this year./.
The US Department of Commerce (DOC) has received a request for investigation into the alleged circumvention of anti-dumping duties by Vietnam’s corrosion-resistant steel products (CORE) made from cold rolled steel (CRS) and hot rolled steel (HRS) imported from Japan.
The US Department of Commerce (DOC) has decided not to initiate an investigation into the alleged circumvention of anti-dumping duties by Vietnam’s corrosion-resistant steel products (CORE) made from cold rolled steel (CRS) and hot rolled steel (HRS) imported from Japan.
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The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Corrosion resistant steel produced in Vietnam. (Photo: congthuong.vn) 
