The Vietnam Steel Association (VSA) has announced that about 13.7 million mt of steel products were imported into Vietnam in 2015, up 22.56 percent year-on-year, including more than 1.78 million mt of steel billets, up 198 percent from the previous year’s figure. Over 1.62 million mt of rolled steel and steel wire were imported last year, while the country was able to produce only 1.13 million mt of rolled steel.
In 2015, Vietnam’s steel imports from China amounted to more than 8.4 million mt, increasing by 57 percent year on year, worth over $3.7 billion, up 13.6 percent year on year, accounting for 60 percent of Vietnam’s total steel imports. Japan, South Korea and Taiwan are the other major steel exporters to Vietnam, together accounting for 35 percent of total imports.
Meanwhile, in the same year, Vietnam exported approximately 2.8 million mt of steel of different types, a slight rise just short of three percent, to traditional ASEAN markets.
At a meeting on the association’s performance in 2015, Nguyen Van Sua, VSA vice chairman, stated that strong rises in imports are hindering the growth of domestic producers. He noted that the VSA will propose to the state measures to provide local businesses with integration information, to implement trade defense measures, and manage the quality of imported steel products, especially those from China. Against this backdrop, he called on domestic businesses to cooperate with each other and prepare thoroughly for trade protection measures. He also added, however, that Vietnam’s steel industry is still expected to experience 15 percent growth rate this year, thanks to the country’s engagement in many free trade agreements.