Vietnam’s steel industry expected to grow 12-15 percent

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The steel industry is predicted to grow by 12-15 percent in the next five years.

According to the Vietnam Steel Association (VSA), in 2017, cast iron output is forecast to increase 80 percent to reach 4.5 million tonnes, while steel billets will jump 47.2 percent (11.5 million tonnes), finished steel products up 12 percent (20 million tonnes), cold rolled coils up 13 percent and steel pipes up 15 percent.

Vietinbank Securities JSC General Director Khong Phan Duc said that the Vietnamese steel industry’s scale is not large, but the sector has competitive advantages, especially in production costs.

In addition, the domestic demand for steel remains huge thanks to infrastructure projects and rapid urbanization in rural areas, he stated.

To help the industry thrive, VSA Vice Chairman Nguyen Van Sua suggested domestic manufacturers improve their technologies and production lines.

Sharing this view, General Director of the Nam Kim Steel Joint Stock Company Pham Manh Hung proposed diversifying products and optimising production scales to reduce production costs and increase price competitiveness.

Last year, the steel sector grew by 18.1 percent. It turned out 17.5 million tonnes of products, up 16.8 percent from 2015.

In 2016, the sector exported 2.4 billion USD worth of goods, but posted total import costs of 9.1 billion USD.

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