A worker at a steel factory in Vietnam (Illustrative photo: VNA)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./.
VNA
