Vietnam exports 6.49 million tons of steel products in 1H

Vietnam exported 6.493 million tons of steel products in the first six months of the year, earning more than VND4.77 trillion ($187 million), according to the General Department of Vietnam Customs.

The figure represents an increase of 20.5% in volume and a 12.2-fold rise in value compared to the same period last year.

Vietnam has exported steel products to more than 30 markets in the world.

However, local steel producers are facing increasing steel imports, affecting their production and trade. 

Vietnam imported over 8.22 million tons of steel products during the six-month periods, worth over $5.96 billion, up 48% in volume and 25.4% in value. Imports from China accounted for over 70%.

The imports of steel kept increasing although domestic steel producers are capable of meeting local consumption demand.

Additionally, Vietnamese steel enterprises are also facing trade barriers from import markets to protect their local producers such as Thailand levying a tax rate of 310.74% on imported Vietnamese steel products, Malaysia 7.81-23.8%; Turkey 19.64-25% and the US 16.24%.

Experts said in order to help local steel enterprises to overcome difficulties and maintain domestic market, it is necessary to take measures to promote exports and domestic consumption and improve their production capacity. State support is also needed to protect the domestic market against the increasing steel import wave into the country.