A worker at a steel factory in Vietnam (Illustrative photo: VNA)
Hanoi (VNA) - Vietnam’s steel sector has witnessed strong developmentin terms of capacity, output, and products in the recent past.
Data from the Vietnam Steel Association (VSA) shows that steel billetoutput surged 40-fold to surpass 12 million tonnes in 2015 from just 300,000 tonnesin 2000.
Meanwhile, output of finished steel products hit more than 26 milliontonnes in 2015, growing over ten-fold since 2000.
Product diversification also helps Vietnam’s steel sector make greatstrides forward in the region and have a more important role to play in the internationalarena.
The country will switch to electric arc furnaces from the current blastfurnaces, according to steel expert Nguyen Van Sua.
Another point of note in domestic steel development is the scale ofprojects. Since 2004, world-calibre projects have been built by firms such asHung Nghiep Formosa Ha Tinh and the Hoa Phat Group.
Deputy Director of the Hoa Phat Dung Quat Integrated Complex, Dinh VanChung, said its hot-rolled coil (HRC) has been in constant demand.
Hoa Phat will invest in another project with a capacity of 5 milliontonnes a year at Dung Quat by early 2022, which will primarily be involved inHRC production and will use modern technology, he added.
Vietnam is likely to develop special-purpose steel in the time to come.
VSA President Nghiem Xuan Da underlined that steel companies must keepa close eye on the market and enhance their competitive edge to promptly makeadjustments and sustain long-term development.
The State also needs to devise suitable strategies for the sector,towards guiding companies to invest more in technology./.
Soaring raw material prices coupled with delays in shipping due to the COVID-19 pandemic significantly pushed up steel prices recently, according to the Ministry of Industry and Trade.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
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.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
A worker at a steel factory in Vietnam (Illustrative photo: VNA) 
