Steel sector seeks entry into EU market Aside from enjoying preferential tariffs brought about by the European-Vietnam Free Trade Agreement (EVFTA), local steel firms have been advised to update their technologies and meet rules on product origin in order to make inroads into the EU market. According to the Vietnam Steel Association (VSA), the EU market accounts for a mere 4.2% of total Vietnamese steel exports, while traditional markets such as ASEAN and China still make up a large proportion, representing approximately 55% and 19%, respectively. Trinh Khoi Nguyen, VSA vice president, noted that the stringent standards set out by the EU market have forced local steel manufacturers to renovate their production procedures and change their business mindsets to penetrate the demanding European market. Nguyen outlined that consumption demand within the EU can’t be considered as large as emerging markets like China or other developing countries, adding that domestic enterprises must compete with strong rivals in the steel sector such as firms from Japan and the Republic of Korea as a way of penetrating the stringent market. Nguyen Manh Tuan, general director of Hoa Phat Steel Pipe Joint Stock Company JSC, revealed that the company has applied quality control software… Read full this story
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