Chinese steel landing in Vietnam in the January-April period has seen a yearly increase of 135.4 percent, which is in turn having an enormous impact on Vietnamese steel sector, said Nguyen Van Sua, Vice Chairman of the Vietnam Steel Association (VSA).
Chinese steel landing in Vietnam in the January-April period has seen ayearly increase of 135.4 percent, which is in turn having an enormousimpact on Vietnamese steel sector, said Nguyen Van Sua, Vice Chairman ofthe Vietnam Steel Association (VSA).
According to a VSA report,Vietnam imported 292,000 tonnes of steel billets in the first fourmonths of this year, mostly from China. It said that the number isforecasted to increase to a million tonnes.
Domestic steel billetcapacity reached 11 million tonnes, yet demands for these commoditiesonly stands at 6.5 million tonnes this year.
The VSA leader saidthat there has also been a significant escalation in the amount ofimported Chinese so-called alloy steel products, including steel rod,steel wire and galvanised steel, exports of which are tax free fromChina.
Meanwhile, there is surplus of those products from Vietnamese enterprises.
Suahighlighted that steel enterprises need to implement reforms whilemaking efforts to increase product competitiveness as there is currentlyno practical solution to address this issue.
In a bid to controlthe import of alloy steel from China, more detailed standards for steelproducts are required to reduce trade fraud, he added./.
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