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|A worker arranges steel rolls in a factory of Hoa Sen Group. Photo courtesy of Hoa Sen Group.|
Vietnam’s steel exports to China expanded19 times to 2.07 million tonnes between January and August thanks to the rising demand in a recovering economy, statistics show.
This was nearly 35 percent of Vietnam’s total steel exports in the period, and its value rose 15 times to US$844.5 million, according to Vietnam Customs.
China’s customs data shows that steel imports in the first eight months rose 11 percent year-on-year to 759.9 million tonnes.
|China makes up nearly 35 percent of Vietnam’s total steel exports in the first eight months of this year. Photo: Vietnamnet|
China became a net steel importer in June for the first time since the last global recession in 2009, with exports from India, Japan, the Republic of Korea and Vietnam set for short term gains as demand overshoots supply in the rapidly recovering economy, the South China Morning Post reported.
The unexpectedly strong increase in China’s demand for steel has been driven by infrastructure projects and the property market, but Chinese producers are also hoarding inventories in anticipation of future shortages, boosting demand and prices, according to China’s commodity price reporting agency.
Vietnam’s steel exports in the first eight months to all markets rose nearly 37 percent year-on-year to 5.96 million tonnes, with increases of 195 percent to Brazil and 143 percent to Germany.
EVFTA to benefit Vietnamese steel exporters
|In the context of international integration, businesses themselves must improve their product competitiveness by raising quality, reducing prices, and ensuring delivery times are met. Photo courtesy of Hoa Phat|
With tariff preferences, steel is one of the sectors to benefit the most from the EU-Vietnam Free Trade Agreement (EVFTA), the Vietnam News Agency said.
Experts said that to fully tap into the opportunities presented by the trade pact, Vietnam needs to pay due regard to improving its institutions and the competitiveness of its businesses, while strengthening market research and supply and demand forecasts.
A representative from the Hoa Phat Group - the largest steel maker in Vietnam - said that in the context of international integration, businesses themselves must improve their product competitiveness by raising quality, reducing prices, and ensuring delivery times are met.
The Ministry of Industry and Trade expected that the EVFTA will help increase Vietnam’s export turnover to the EU by about 20 percent this year, 42.7 percent in 2025, and 44.37 percent in 2030.
The deal will also contribute to increasing the country’s GDP by 2.18 - 3.25 percent in the 2019-2023 period, 4.57 - 5.30 percent in 2024-2028, and 7.07 - 7.72 percent in 2029-2033, the ministry forecast./.
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