The Vietnamese Chamber of Commerce and Industry (VCCI) has expressed its concerns over the current challenges faced by the domestic steel industry, according to media reports. VCCI states that of the 78 antidumping investigations Vietnam has encountered in the past two years, 37 cases were related to iron and steel, accounting for about 50 percent of the goods in question.
The VCCI also cited the Vietnam Steel Association’s recent report which mentioned the threat posed by rising trade protectionism all over the world, affecting the exportability of Vietnamese steel and causing the domestic industry to be targeted by foreign markets.
The VSA stated that China is decreasing steel output and shutting down its outdated facilities. Therefore, Chinese steel enterprises are investing in foreign countries, especially Southeast Asian countries like Vietnam, the VSA said.
Meanwhile, VSA vice chairman Nyugen van Sua has said he is still optimistic regarding the production and consumption of steel in Vietnam. “Despite the heavy rain in October affecting the construction of buildings, steel consumption in the country is still strong. This proves that Vietnamese steel products are very competitive in the domestic market," he affirmed.
According to the VSA figures,in the first 10 months of 2018 Vietnam’s steel production amounted to 20 milllion mt, rising 17.7 percent year on year. Sales of Vietnamese steel in the given period exceeded 18 million mt, up 27.7 percent, of which exports accounted for 3.9 million mt, rising by 31.6 percent, both compared to the same period of 2017.