According to the Vietnam Steel Manufacturers Association (VSA), in January-July of this year, the production of finished steel in Vietnam amounted to 21.4 million tons, an increase of 15.4% year-on-year, while sales of steel products in the country for the same month increased by 15.6% year-on-year to 21.18 million tons.
Meanwhile, in January-July, exports of finished steel products from Vietnam increased by 4.2% to 6.69 million tons, while the value is estimated at 4.54 billion dollars, which is 7.4 percent more than last year.
In the first seven months, imports of finished steel products into the country increased by four percent to nine million tons and amounted to $6.68 billion, an increase of 7.5 percent, both from year to year.
In the coming period, the Vietnamese steel industry will continue to face challenges: global overcapacity leading to domestic protectionism in steel export markets; the need to reduce greenhouse gas emissions in line with government commitments at COP26, the cross-border carbon mechanism coming into force in the EU and gradually becoming more widespread; dependence on imported raw materials.
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