Vietnam imported 7.48 billion dollars worth of iron and steel in the first 5 months of 2024, recording an increase of 26.3% compared to the same period in 2023. This figure is very close to the import level in the first 5 months of 2022.
In May, import value increased by 14.9% compared to the previous month and reached 1.72 billion dollars. This increase was driven by a 20.6% increase in import volume and a 17.9% increase in prices.
Vietnam's most imported steel comes from China, worth $4.77 billion, an increase of 53.8%. Korea ranks second with 735 million dollars.
Despite increasing imports, Vietnam's steel industry faces many challenges. Vietnamese steel producers face the risk of losing share in the domestic market as China increases its steel exports. The "oversupply" situation in local steel products and the increase in imported steel also intensifies price competition. Instability in the world market, fluctuations in global markets and increasing freight charges pose risks for the steel industry.
Despite these challenges, Vietnam's steel industry is expected to reach 30 million tons in 2024, an increase of 7% compared to 2023.
The Ministry of Industry and Trade continues to work to solve the problems of the steel industry. It is expected that the Vietnam Steel Industry Development Strategy to 2030 with the 2050 vision will be presented to the Prime Minister soon. Additionally, the draft of the Basic Industrial Development Law has also been completed and is ready to be submitted to the National Assembly.
The long-term goal is to turn the steel industry into a national basic industry, meet domestic demand and increase exports.
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