NEWS

Vietnam's Steel Trade navigates Global Uncertainties

Vietnam's steel industry is experiencing rapid growth, driven by the country's economic expansion and infrastructure development. Output is expected to rise by 10% this year, with demand reaching 25 million tons, up 5% from last year. However, the industry faces challenges from global trade uncertainties, including punitive US tariffs and competition from Chinese steel imports. Despite these challenges, Vietnamese steelmakers are adapting, with some benefiting from the country's recent anti-dumping measures against Chinese imports. The industry is also becoming more competitive, with new facilities coming online, such as Hoa Phat Group's Dung Quat 2 Iron and Steel Production Complex, which will reduce production costs and boost competitiveness. As global trade barriers increase, Vietnamese steelmakers are looking to expand into new markets, with exports to countries like Indonesia expected to grow.