HANOI, Jul 8 (NNN-VNA) – Vietnam’s domestic steel industry is seeing a positive growth trend and projected to increase by 7-8 percent this year, the Vietnam Steel Association was cited as saying.
The country’s total production capacity for crude steel is around 23 million tonnes, while the capacity for finished steel products, including construction steel, hot and cold rolled coils, galvanised sheets and pipes, is approximately 38.6 million tonnes per year, said the report.
This year, finished steel production is expected to hit 30 million tonnes, reflecting a seven percent rise from last year, said the association.
However, the current state of steel production in Vietnam is facing significant challenges, due to oversupply and increased imports, leading to fierce price competition for domestic steel products.– NNN-VNA
