Building steel output in July reached 613,000 tonnes, posting 51.5 percent increase over the same period last year and marking the record high in the past 10 years, said the Vietnam Steel Association.
A worker checks steel production at Toan Thang Steel JSC in Song Cong IZ in Thai Nguyen province (Photo: VNA)
Building steel output in July reached 613,000 tonnes, posting 51.5 percent increase over the same period last year and marking the record high in the past 10 years, said the Vietnam Steel Association.
VSA said steel output in the first seven months of the year rose 28 percent from last year level to 3.6 million tonnes, while consumption was 3.5 million tonnes.
However, domestic steel producers continue to face the pressures of falling consumption and increased use of imported steel despite improvements in the economy.
Accordingly, consumption of building steel last month reached 522,099 tonnes, 1.5 percent less than the previous month's figure, but represented a year-on-year surge of 23 percent.
It added that in June, 1.64 million tonnes of steel was imported, posting 26 percent rise in comparison with the previous month and 1,131 percent more than the corresponding period last year.
Turnover of imported steel rose to 853 million USD, a 27 percent increase over the previous month and 34 percent from last year. Total imported steel amounted in the first half of the year to 6.9 million tonnes, with turnover of 3.83 billion USD, representing 37 percent and 13 percent increase in quantity and value, respectively.
Exported steel in June was 232,264 tonnes, posting a 20 percent year-on-year rise, bringing the total in the first half of the year to 1.2 million tonnes.
Nguyen Van Sua, VSA's vice chairman, said prices of materials used in steel production had been on a downward trend, making the local steel price plunge sharply.
Sua said the steel sector would face difficulties due to the abundant supply of cheap imported steel.-VNA
Taiwanese Formosa group is expected to seal an investment deal with the Japanese-based JFE Steel Corporation in August to jointly carry out its steel complex in Ha Tinh's Vung Ang Economic.
JFE Steel, Japan's second-biggest steelmaker, has announced it will invest 27 billion JPY (220 million USD) in a steelwork plant being constructed by the Formosa Plastics Group (China) in Ha Tinh.
The domestic steel industry saw strong growth in consumption in the home market in the first half of this year, according to the Vietnam Steel Association (VSA).
President Truong Tan Sang attended a ceremony to inaugurate the expanded construction of a steel plant invested by Japanese steelmaker Vina Kyoei in the Phu My I Industrial Park in Tan Thanh district, the southern province of Ba Ria-Vung Tau on July 24.
Vietnam’s total steel import turnover surged to seven billion USD in the first six months of this year, according to the Ministry of Industry and Trad.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
A worker checks steel production at Toan Thang Steel JSC in Song Cong IZ in Thai Nguyen province (Photo: VNA)
