Hanoi (VNA) – Vietnam exported 3.75 million tonnes of steel in2017, a year-on-year increase of 34 percent, according to the Vietnam SteelAssociation (VSA).
The VSA’s data showed that thecountry’s steel output was 21.062 million tonnes, up 24.3 percent against theprevious year.
Domestic steel consumption stood at nearly 18 million tonnes, 20.7 percenthigher than the last year.
Notably, in the year, Vietnam shipped 1 million tones of building steel abroad,a year-on-year increase of 62 percent.
Meanwhile, the total volume of steel products imported decreased by 14 percentcompared to 2016.
The association forecasted that the steel industry’s growth is likely to expandbetween 20-22 percent in 2018.-VNA
The domestic steel enterprises earned 427 million USD in steel export turnover in the first five months of the year with a volume of 550,000 tonnes, an increase of 244 percent in value and 250 percent in volume over the same period last year.
Steel sale is yet to recover on the local market, despite domestic steel producers' efforts to boost consumption coinciding with the start of the construction season, according to the Vietnam Steel Association (VSA).
Imported steel must be sampled for quality inspection to be eligible for customs clearance, according to the Joint Circular No 44 issued by two ministries involved in the process.
Export of steel products in the first eight months this year reached 1.77 million tonnes, an increase of 49 percent from the previous year, according to the Vietnam Steel Association (VSA).
Though Vietnam possesses huge amounts of iron ore, there is a serious shortage of steel for the mechanical engineering industry and defense industry, said Truong Thanh Hoai, Director of the Heavy Industry Department under the Ministry of Industry and Trade.
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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.
Illustrative image (Source: VNA) 
