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Vietnam Steel exports reach $1 billion

Though Vietnam has faced difficulties because of anti-dumping lawsuits in several nations, it has still grown strongly to achieve revenue of $1 billion in the first tthree months of 2018, said the Vietnam Steel Association.

Vietnam Steel exports reach $1 billion

The steel sector is becoming one of items for export with revenue of $1 billion in the first quarter of the year.
For instance, in the first quarter, raw steel, rolled steel roll, billet steel output reached 25.1 million tons, 13.9 million tons, 15.2 million tons respectively indicating a 37.2 percent, 6.7 percent and 4.9 percent of growth rate compared to the corresponding figure for the same period of last year.
Iron and steel export in the first quarter reached $ 1.04 billion, a year-one-year increase of $380 million. Vietnam’s iron and steel are mainly exported to Cambodia with $180 million, the US with $179 million, Indonesia with $155 and Malaysia with $120 million.
According to the Ministry of Industry and Trade, the steel sector has good growth thanks to the country’s stable economy with the implementation of infrastructure projects and property projects in the year.
Especially, the government took heed to disburse capital for public constructions which were built in early months of the year paving the way for better growth.
Good growth of the steel sector is more meaningful while Vietnam faced anti-dumping lawsuits in the US, Australia, Thailand, Indonesia, Malaysia and India.
The association forecast that the sector will maintain the growth rate of 20 percent compared to last year because domestic demand still surges.

By VAN DIEU - Translated by UYEN PHUONG

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