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Investments and land law to revitalize Vietnam's steel sector

Nghiem Xuan Da, President of the Vietnam Steel Association, announced at the 2024 Asia Steel Exhibition that they anticipate a 5-7% increase in Vietnam's final steel product output this year. Despite weak domestic demand last year, factors such as increased infrastructure investments, government spending, and declining interest rates are instilling optimism for this year.

Investments and land law to revitalize Vietnam's steel sector

The demand for final steel products, which reached 28 million tons in 2023, is expected to rise in 2024. Among the driving forces behind this increase is the amendment to the Land Law enacted in January, aimed at supporting domestic steel demand in the coming years.

The amendment aims to benefit the real estate sector by providing fair land valuation and payment methods, promoting transparent transactions, and increasing investor confidence. This is expected to stimulate growth in the construction and real estate sectors, leading to an increase in steel demand.

Vietnam's steel capacity is expected to reach 40 million tons per year in the next few years. This capacity increase is supported by growing domestic demand and export opportunities.

However, Vietnam's steel sector faces some challenges. Increased flat steel exports from China pose a threat to local producers. By 2023, Vietnam is expected to become China's largest export destination in the ASEAN region.

The struggle between domestic growth and the wave of imports from China will determine the direction of the industry in the coming years. What role domestic producers and the government will play in this struggle will determine the fate of Vietnam's steel industry.

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