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Vietnam's steel imports threaten domestic production

Vietnam's steel imports threaten domestic production

Vietnam's steel imports threaten domestic production

While Vietnam's steel industry has experienced rapid change and growth in recent years, local producers are facing increasing challenges. Particularly in the hot-rolled coil (HRC) sector, the rapid increase in imports and the difficulty of meeting domestic demand is altering the industry landscape.
It is expected that hot-rolled coil steel imports will sharply rise to over 9.6 million tons. This increase, while playing a significant role in meeting domestic demand, diminishes the competitiveness of local producers. Despite having annual production capacities of around 8.5 million tons, local production units like Hoa Phat and Formosa Ha Tinh are being surpassed by imports.
The surge in imports of hot-rolled coil steel further exacerbates the challenges faced by local producers. With imported products offering lower prices, domestic producers struggle to compete and cover their costs. Consequently, this affects the design capacities of local producers, leading to declines in production and loss of market share.
Experts in the steel industry emphasize the importance of effective government policies to address this situation. Specifically, policies such as trade defense measures and anti-dumping tariffs are seen as necessary to protect and promote domestic production.
Additionally, it is argued that increased investment and strengthening of technological infrastructure are essential for the development of the steel industry.
These developments in Vietnam's steel industry emerge as significant determinants of the sector's future and competitiveness. Therefore, the preservation and promotion of domestic production are viewed as crucial steps for the sustainable growth and development of the industry.

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