Vietnam’s steel, iron import value rose 30%


HÀ NỘI — Việt Nam’s import value for steel and iron products continuously surged sharply in the first month of 2017 to US$710 million, the General Statistics Office reported.

The value rose by up to 30 per cent against the same period last year.

Last year, the import value of steel and iron products was also high at $8 billion, up 7.3 per cent against the previous year. The imports were mainly from China (accounting for 55.1 per cent), South Korea (12.8 per cent) and Taiwan (8.9 per cent).

As a large steel import volume from China has caused major damage to domestic steel production, the Ministry of Industry and Trade has decided to apply trade defence measures to ensure fair competition with local products and promote the country’s steel sector.

For this purpose, certain kinds of steel ingots and long steel imported into Việt Nam from various countries and territories have been subject to temporary safeguard duties of 23.3 per cent and 14.2 per cent respectively.

The steel industry is likely to enjoy 10-12 per cent growth next year, said the Việt Nam Steel Association.

Source: Vietnam News

Photo: CBR Investment AG