Southeast Asia has become Vietnam’s biggest iron and steel importer, making up 57.6 percent of the country’s total export volume in the sector, statistics show.
Hanoi (VNA) – Southeast Asia has becomeVietnam’s biggest iron and steel importer, making up 57.6 percent of thecountry’s total export volume in the sector, statistics show.
In the first eight months of this year, Vietnam’s export ofiron and steel increased nearly 41 percent in volume against the same periodlast year to reach 4.05 million tonnes, worth 2.99 billion USD.
In August, Vietnamese iron and steel were sold abroad withprices up more than 14 percent year-year-year.
Among the Southeast Asian countries, Cambodia made up 34.9percent of Vietnam’s total iron and steel export value. It was followed byMalaysia, Indonesia, the Philippines and Thailand.
The US is Vietnam’s second biggest iron and steel importerover the past time.
Vietnam’s iron and steel export to the EU also expanded 65percent year-on-year to hit 364,408 tonnes.
Meanwhile, the volume to the Switzerland, Saudi Arabia,Pakistan, Australia and Spain dropped between 30-95 percent. -VNA
Though Vietnam possesses huge amounts of iron ore, there is a serious shortage of steel for the mechanical engineering industry and defense industry, said Truong Thanh Hoai, Director of the Heavy Industry Department under the Ministry of Industry and Trade.
Steel will be included in the country’s key export items besides fruits, garment and textile, footwear and seafood products, an official from the Ministry of Industry and Trade has said.
Vietnam’s steel production reached about 4.69 million tonnes in the first half of 2018, up 7 percent against last year, according to the Ministry of Industry and Trade.
Vietnam’s steel exports rose 40.4 percent year on year to 3.41 million tonnes in the first seven months of the year, raking in 2.53 billion USD, up 56.3 percent.
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Illustrative photo (Photo: VNA) 
