Colour-coated steel produced at the Hoang Ha Group Joint Stock Company in the northern province of Quang Ninh. (Photo: VNA)Hanoi (VNA) – Vietnam’s steelproduction reached about 4.69 million tonnes in the first half of 2018, up 7percent against last year, according to the Ministry of Industry and Trade.
The increase was attributed to the economy’soverall growth, with a host of infrastructure and real estate projects set to beginin 2018. The Government’s disbursement of public investment from the beginningof the year also aided the sector.
According to the Vietnam Steel Association(VSA), between now and year’s end, several steel projects will becomeoperational.
The Hoa Sen Group will put into use galvanising,cold rolling and colour-coated lines capable of handling about 350,000 tonnesper year, while the Hoa Phat will operate a blast furnace of 2 million tonnesper year in capacity in Quang Ngai and another of 3.8 million tonne per year atthe Formosa Ha Tinh Steel plant.
VSA Vice President Nguyen Van Sua said in2018, Vietnam’s steel sector can grow at a high speed of 17-18, even 20 percentcompared to 2017.
Sua also pointed to challenges facing the industry,including protective measures imposed on Vietnamese steel products by the US,Australia, Indonesia, Malaysia, Thailand and India.
Notably, US President Donald Trump on March8 imposed a 25-percent tariff on imported steel and a 10-percent tariff onaluminum, insiders said, adding great efforts are needed for Vietnamesecompanies to meet its steel export goal of 5 million tonnes this year.-VNA
VNA
