Steel sales drop 7% in 11 months
Steel output in Vietnam dropped 11.3% year-on-year in the first 11 months of the year to 27.12 million tons, while sales fell 6.8% to 25.1 million tons, according to Vietnam Steel Association.
In November, output went down 36.8% year-on-year to 1.83 million tons, while sales declined 16.2% to 1.94 million tons.
Steel products of Hoa Phat Group, the largest steelmaker in Vietnam. Photo courtesy of the firm.
In the first 10 months of this year, Vietnam earned $6.95 billion from exporting 6.99 million tons of steel, down 28.92% and 36.92% year-on-year, respectively.
The biggest export destinations were ASEAN, accounting for 42.22% of the total, the EU (16.92%), the U.S. (7.71%), South Korea (5.9%), and Hong Kong (5.67%).
The country spent $10.29 billion on importing 9.76 million tons of steel in the 10-month period, down 8.38% year-on-year in volume but up 6.87% in value. Major suppliers were Asian, including mainland China with 44.11% of the total; Japan (15.65%), South Korea (11.11%), Taiwan (9.74%), and India (8.55%).
In the report, the association (VSA) pointed out the global economy next year would slow down, with high inflation, risks of short-term recession, military conflicts, natural disasters, and diseases, among others.
However, the prospect of Vietnam's economy in 2023 would be positive, the VSA quoted international institutions' forecasts as saying.
Hoa Phat Group (HoSE: HPG), the largest Vietnamese steelmaker, produced 384,000 tons of crude steel in November, down 43% year-on-year. Its sales of steel products reached 443,000 tons, down 30%. Of this, construction steel accounted for 252,000 tons, up 20% compared to October and down 7% year-on-year. Hot-rolled coil (HRC) hit 180,000 tons, down 12% year-on-year.
In line with the market trend, Hoa Sen Group's (HoSE: HSG) sales in the third quarter decreased by 44% over the same period last year to 313,000 tons. Of this, exports plunged 76% to 94,000 tons, while domestic sales increased by 32% from its lowest point in the same period in 2021.
Taiwanese-invested Formosa Ha Tinh Steel Corporation (FHS) will adjust its production plans for the remaining months of the year as demand declines in the U.S. and European markets, a company representative said in mid November.
- Related News
- Read More
Chinese semiconductor firm proposes independent power transmission line in northern Vietnam
Micro Commercial Components Vietnam (M.C.C) has proposed the construction of an independent power transmission line in the northern province of Bac Ninh to ensure a stable power supply during a meeting with local leaders on Monday.
Industries - Tue, February 18, 2025 | 1:20 pm GMT+7
81% of American businesses concern about potential US tariffs on Vietnam: survey
As many as 81% of American firms in Vietnam are concerned about potential tariff imposed by the Trump administrative on Vietnamese goods, according to the American Chamber of Commerce in Ho Chi Minh City (AmCham).
Economy - Tue, February 18, 2025 | 12:04 pm GMT+7
Japan's leading transport firm eyes forming driver training center, AI lab in Vietnam
Yamato Holdings, which holds approximately 46% of Japan’s home delivery market, intends to set up a professional driver training center in Vietnam to supply human resources to Japan, said its president Nagao Yutaka.
Industries - Tue, February 18, 2025 | 11:37 am GMT+7
Vietnam plans to stop 2 coal-fired power plants by 2030, all inefficient ones by 2040
Vietnam aims to stop two coal-fired power plants by 2030 and then all inefficient ones that cannot be improved by 2040, according to a decision signed by Prime Minister Pham Minh Chinh on Monday.
Energy - Tue, February 18, 2025 | 11:15 am GMT+7
Vietnam's property market strongly performs in 2024 on solid fundamentals: Knight Frank
Vietnam's real estate market made a strong performance in 2024 across the office, ready-built factories/warehouses, and apartment segments thanks to solid fundamentals, write Knight Frank analysts.
Real Estate - Tue, February 18, 2025 | 8:00 am GMT+7
Thailand, Australia boost ties in transport, logistics
Thailand and Australia are seeking to strengthen cooperation in transport infrastructure and carbon emission reduction in the logistics sector.
Southeast Asia - Mon, February 17, 2025 | 8:20 pm GMT+7
China surpasses US as biggest importer of Vietnamese shrimp
China imported $834 million worth of Vietnamese shrimp last year, surpassing the U.S. to become the largest buyer of this item from Vietnam, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Economy - Mon, February 17, 2025 | 7:51 pm GMT+7
Malaysia, S Korea resume FTA talks
Malaysia and South Korea are set to hold their seventh round of negotiations for a bilateral free trade agreement (FTA) as they look to expand their trade portfolio and strengthen cooperation, according to the latter's Ministry of Trade, Industry and Energy.
Southeast Asia - Mon, February 17, 2025 | 5:23 pm GMT+7
Indonesia to launch new sovereign wealth fund this month
Indonesia will launch a new sovereign wealth fund called Danantara this month, with an initial capital of around $20 billion.
Southeast Asia - Mon, February 17, 2025 | 5:19 pm GMT+7
Singapore's Billion Union builds $70 mln fabric factory in Vietnam
Hong Kong-invested Thanh Hoa Billion Union Textile kicked off the construction of a $70 million factory in Vietnam’s central province of Thanh Hoa on Monday.
Industries - Mon, February 17, 2025 | 5:04 pm GMT+7
Vietnam’s construction ministry plans real estate exchanges for improved transparency
The Vietnamese Ministry of Construction is advancing a plan to establish real estate exchanges, similar to the stock market, in a bid to enhance transparency and efficiency in property transactions.
Real Estate - Mon, February 17, 2025 | 4:57 pm GMT+7
Vietnam plans to increase electricity imports from China, Laos by 2030
The Vietnamese Ministry of Industry and Trade (MoIT) aims to raise electricity imports from China and Laos by 3,000 MW and 2,500 MW by 2030, over 5 times and nearly 1.6 times higher than those stated in the current Power Development Plan VIII (PDP VIII), respectively.
Energy - Mon, February 17, 2025 | 4:14 pm GMT+7
Vietnam urges Turkish contractor to speed up mega Long Thanh airport's terminal construction
Türkiye-based IC ICTAS, the lead contractor of the passenger terminal within the under-construction Long Thanh International Airport, should speed up the construction of the package, said Vietnamese Deputy Prime Minister Tran Hong Ha.
Infrastructure - Mon, February 17, 2025 | 3:27 pm GMT+7
Vietnam tech giant FPT to provide high-quality AI human resources
With the groundbreaking of an inter-level school on Sunday, FPT Corporation is completing its education system from elementary to university levels in the south-central province of Binh Dinh, to provide high-quality human resources, particularly in AI.
Companies - Mon, February 17, 2025 | 11:32 am GMT+7
Japan pneumatics firm SMC to start $330 mln Vietnam expansion from July
SMC Manufacturing Vietnam, under Japanese pneumatic instrument producer SMC, aims to start its $330 million expansion in Vietnam from July.
Industries - Mon, February 17, 2025 | 10:47 am GMT+7
Institutional breakthroughs to provide solid foundation for heightened business confidence: economists
At a meeting of the National Assembly's Economic Committee in early February, the government proposed the 2025 GDP growth be "8% or more", instead of 6.5-7% set last November. The Investor introduces opinions of some leading Vietnamese economists on this proposed target.
Economy - Mon, February 17, 2025 | 8:02 am GMT+7
