Vietnam's steel industry is facing fiercer competition from foreign rivals as imported products, particularly those from China, have flooded the domestic market, raising fears of market saturation. Industry experts have warned that without prompt action, domestic producers could be pushed to the brink.
The leading steel manufacturer Hoa Phat Group sold nearly 457,000 tonnes of steel in April, of which the volume of hot-rolled coil product reached 239,000 tonnes, the highest since the beginning of the year.
Soaring raw material prices coupled with delays in shipping due to the COVID-19 pandemic significantly pushed up steel prices recently, according to the Ministry of Industry and Trade.
The Hoa Phat Group, Vietnam’s leading steel producer, produced more than 670,000 tonnes of crude steel in January, its highest output to date and representing an annual growth of 67 percent.
