Steel industry to see tougher competition with newcomers

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Five new steel mills with a combined capacity of 1.5 million tons per year will start operations this year, making supply further exceed demand and leading to a fiercer competition in the local steel market. The steel mills of Thai Trung Steel Co. in Thai Nguyen, An Hung Tuong Steel Co. in Binh Duong, Middle Region Steel Co., Pacific Steel Co. and Dana-Italy Steel Co. in Danang are scheduled to begin production this year. With the additional capacity of these new plants, the total steel … [Read more...]

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Breakfast @ Tuoi Tre News – October 10

Enjoy your breakfast while reading this summary of important news items: Politics -- Vietnam has always considered fostering the comprehensive relationship with Japan one of its top priorities, the Vietnam News Agency quoted Vietnamese Deputy Prime Minister Nguyen Xuan Phuc as saying Thursday during meetings with President of the House of Councillors Yamazaki Masaaki and Speaker of the House of Representatives of Japan Ibuki Bunmei in the East Asian country. -- Russia regards Vietnam as a … [Read more...]

New steel import decree not helping domestic steel manufacturers

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Le Phan Duc, general director of Viet Duc Steel, said that since the day it took effect, Circular No 44 has not helped to restrict steel imports. … [Read more...]

Workshop looks into Vietnam’s first successful anti-dumping case

Vietnam levied anti-dumping duties on stainless steel products from four economies for the first time ever, a move that was hotly discussed during a workshop in Hanoi recently. The Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade said the steel manufacturers of mainland China, Indonesia, Malaysia and Taiwan (China) had shown signs of dumping their products in the Vietnamese market, bringing heavy losses to the domestic steel industry. The duties on steel imports … [Read more...]

Steel tariffs imposed to protect domestic mark

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The Hanoitimes - The Ministry of Industry and Trade (MoIT) has issued an order imposing anti-dumping tariffs on stainless steel to protect the domestic market and create a level playing field between imported and local products. This is the first time Vietnam has levied anti-dumping tariffs on imports from other nations to the local market following its integration into the global economy. However, there remain differing opinions on the question as to the actual impact of the tariffs on … [Read more...]

Steel Businesses: Consequences from Trend-Following Investment

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For more than a year, impact from the gloomy real estate market has drowned the steel market in a state of oversupply. Many steel factories have stopped production or kept it at a moderate level. This situation is unlikely to improve as it's possible that steel products imported from Russia are likely to enjoy a zero percent tax rate. Consequences of a short-term vision … [Read more...]

Withdrawal of Japanese investor stalls steel project

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Japan's JPE Group recently decided not to create a partnership with a Taiwanese company for a major steel project in Quang Ngai Province, bringing the project to a standstill. … [Read more...]

Steel tariffs imposed to protect domestic market

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(VOV) - The Ministry of Industry and Trade (MoIT) has issued an order imposing anti-dumping tariffs on stainless steel to protect the domestic market and create a level playing field between imported and local products. This is the first time Vietnam has levied anti-dumping tariffs on imports from other nations to the local market following its integration into the global economy. However, there remain differing opinions on the question as to the actual impact of the tariffs on domestic … [Read more...]

Steel firms in meltdown

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Domestic steel firms are struggling as the market suffers from acute oversupply, while tariffs are set to fall on imported steel from Russia in the near future. … [Read more...]

Vietnam fails to assuage fears of Russian steel domination

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A construction site in Hanoi. Local steel firms are expecting an early end of their business as the government considers allowing Russia to export steel at zero tariffs in Vietnam. Photo: Kham/Reuters … [Read more...]

Ministry: No worry about Russian steel

Van Nam According to the department, in VCUFTA talks, the customs union would prioritize exports of industrial products such as steel, tires and machines to Vietnam. Among many steel products for which the customs union is seeking tax reductions, there would be some on a temporary exclusion list proposed by the Vietnam Steel Association. Overall, the customs union can supply Vietnam with many steel products the domestic industry does not produce. The department said that in terms of … [Read more...]

Steel manufacturers fear trade agreement with Russia

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VietNamNet Bridge - Domestic steel manufacturers, already suffering heavily from oversupply and competing with low-quality Chinese imports, fear they may be "crushed" by Russia which will enter Vietnam once a free trade agreement is signed. In the negotiations on the free trade agreement (FTA) between Vietnam and the Custom Union of Russia, Belarus and Kazakhstan (VCUFTA), Vietnam promises to cut import tariffs on 167 steel products from three countries to zero percent from early 2015. The … [Read more...]

Businesses believe APEC’s free trade agreement will bring few benefits

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VietNamNet Bridge - The proposed APEC free trade agreement (FTAAP) is expected to be on a larger scale than the Trans Pacific Partnership (TPP) agreement, but many Vietnamese businesses are not enthusiastic about the trade pact. Several trade and economic agreements, including TPP and RCEP, are being discussed in Asia now. … [Read more...]

Local steel firms concerned about Russian imports

Lan Nhi The VCUFTA is one of more than 10 bilateral and multilateral FTAs which Vietnam is currently negotiating, and is expected to be finalized early next year. The nation has finished six rounds of talks over the VCUFTA, and will join the seventh round planned in Russia on September 15. In previous rounds of negotiations, the parties concerned agreed on the general structure of the FTA and its implementation roadmap. Due to little principle difference, Vietnam and its partners have … [Read more...]

Breakfast @ Tuoi Tre News – September 9

Politics:

Briefs of some of leading news stories published on Tuesday (September 9) in Tuoi Tre Newspaper that will be carried today on Tuoitrenews.vn: -- State President Truong Tan Sang paid a visit yesterday to Con Co island in the central Quang Tri Province. He stressed that the island plays a vital role in national security and defense and reminded locals and officials to pay attention to build it stronger in economy and security. … [Read more...]

Russian FTA could kill Vietnam’s steel market

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Vietnamese investors are seeing a near end of their business as Vietnam considers letting the global steel giant Russia sell its products here without tariffs. Photo: Hung Nguyen … [Read more...]

Steel makers face difficulties in domestic market

The steel industry is concerned about slow consumption in the domestic market despite a year-on-year rise of 7.22 percent in steel sales in July to over 423,600 tonnes. The Vietnam Steel Association (VSA) said most of its members are facing difficulties in finding domestic customers. The prices of steel products have dropped slightly, by between 100,000-200,000 VND (USD) per tonne. Sales agents are hoping that sales may pick up towards the end of the year, which is usually the construction … [Read more...]

Steel Industry in face of integration pressure

Domestic steel production is under pressure from economic integration (Photo: SGGP)

Free trade agreements that will take effect early next year are predicted to cause more pressure on Vietnam's steel industry which has already faced with the exceed of supply over demand and fallen purchasing power. In August, output of rolled steel and steel bars increased by 15.6 percent and 6.6 percent respectively compared to the same period last year, reported the Ministry of Industry and Trade. … [Read more...]

Domestic steel producers voice concern over imported products

The Vietnam Steel Association is proposing reasonable import tax rates for iron and steel products amid concerns over the effects of a possible mass inflow of imported steel from Russia. The concern was aired during free trade agreement (FTA) negotiations with the Customs Union of Belarus, Kazakhstan and Russia . It comes amid difficulties in Vietnam 's steel industry in recent years resulting from high inventories and oversupply, which have made competition, even among domestic steel … [Read more...]

Steel producers boost sales in home market

Local cold-rolled steel makers have been boosting their sales in the domestic market to offset a decline in outbound sales caused by the recent anti-dumping accusations, the Saigon Times Daily reported. Sales of welded steel pipes of local producers in the domestic market rose remarkably compared to a decline of 19 percent or 18,200 tonnes in their exports in the first six months this year, according to the Vietnam Steel Association (VSA). For instance, sales in the local market of Nam Kim … [Read more...]