Vietnam News reported that Vietnam is expected to become a net exporting country of steel by end-2021 after decades of dependence on imported steel from China. Vietnam’s exports of iron and steel reached 1.53 million tonnes with a value of nearly USD 1.5 billion in August, marking the month with the highest export value of those products. According to the General Department of Customs, it was the second consecutive month that the products exceeded the export value of USD 1 billion. The department calculated the exports in August increased 33.8% in volume and 35.2% in value from July, adding that compared to August 2020, the export value was 2.5 times higher. During January-August 2021, Vietnam exported 8.54 million tonnes of steel with a value of nearly USD 7.1 billion, increasing by 43.4% in volume and 127% in value over the same period last year. The products were exported to ASEAN with 2.7 million tonnes, approximately the export level of the same period last year and China with 1.8 million tonnes, down 13.2 %. Meanwhile, exports to the EU and US markets increased significantly. Specifically, exports to the EU reached 1.43 million tonnes, up 7.5 times; and those to the US reached 540,000 tonnes, up four times over the same period last year.Vietnam Steel Association said the strongest growth item in exports was hot rolled steel, seeing an increase of 145% over the same period in 2020, thanks to Formosa's boost in exports, followed by galvanised sheet with a growth of 115%. Cold rolled steel exports increased by 45% and construction steel exports increased by 27%, only steel pipes decreased, by almost 10%At the same time, Vietnam imported USD 7.73 billion of steel in January-August 2021, up 42.6% in value over the same period in 2020.
Vietnam News reported that Vietnam is expected to become a net exporting country of steel by end-2021 after decades of dependence on imported steel from China. Vietnam’s exports of iron and steel reached 1.53 million tonnes with a value of nearly USD 1.5 billion in August, marking the month with the highest export value of those products. According to the General Department of Customs, it was the second consecutive month that the products exceeded the export value of USD 1 billion. The department calculated the exports in August increased 33.8% in volume and 35.2% in value from July, adding that compared to August 2020, the export value was 2.5 times higher. During January-August 2021, Vietnam exported 8.54 million tonnes of steel with a value of nearly USD 7.1 billion, increasing by 43.4% in volume and 127% in value over the same period last year. The products were exported to ASEAN with 2.7 million tonnes, approximately the export level of the same period last year and China with 1.8 million tonnes, down 13.2 %. Meanwhile, exports to the EU and US markets increased significantly. Specifically, exports to the EU reached 1.43 million tonnes, up 7.5 times; and those to the US reached 540,000 tonnes, up four times over the same period last year.Vietnam Steel Association said the strongest growth item in exports was hot rolled steel, seeing an increase of 145% over the same period in 2020, thanks to Formosa's boost in exports, followed by galvanised sheet with a growth of 115%. Cold rolled steel exports increased by 45% and construction steel exports increased by 27%, only steel pipes decreased, by almost 10%At the same time, Vietnam imported USD 7.73 billion of steel in January-August 2021, up 42.6% in value over the same period in 2020.
