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Market leader Hoa Phat Group last month exported over 12,000 tonnes of products, mostly cold-galvanized steel, to North and South America. This followed an export of 10,000 tonnes in January to Belgium and Spain. The company targets producing 300,000-400,000 tonnes of steel products this year, 30-40 percent of which are likely to be exported. Its competitor Hoa Sen Group last month set a new export record of 121,000 tonnes of galvanized steel worth more than $100 million. The group has a network of over 85 countries and territories, with main markets being the U.S, Mexico, Europe and Southeast Asia. Vietnam’s steel industry is expected to see growth of 5-6 percent this year, with global demand set to rise by 4.1 percent thanks to recovery in developed markets, according to the Vietnam Steel Association (VSA). Other drivers for growth include expectations of rising public investment in infrastructure, the recovery of the real estate market and more foreign direct investment, said VSA deputy chairman Trinh Khoi Nguyen. The industry started 2021 strongly, with a 61 percent year-on-year rise in production volume to 2.65 million tonnes. Domestic sales in the period rose 55 percent to 2.12 million tonnes, while exports rose 53 percent in value to $553 million. These figures indicate robust recovery prospects this year after VSA saw half of its members reporting plunging revenues last year, especially in the first and second quarter, due to Covid-19 impacts. However, trade officials have warned that rising safeguard measures could hurt the industry. Last month, Indonesia imposed an anti-dumping duty of 3.01-49.2 percent on Vietnam cold steel sheets. In January, Malaysia revised duties on cold-rolled coils of alloy and non-alloy steel from Vietnam to 7.42-33.7 percent for the period between January 24 and May 23. The U.S. and Canada have also slapped anti-dumping duties on Vietnam’s steel products in recent years. The Trade Remedies Authorities …

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The Hanoitimes - The Vietnamese automaker aims to become a global smart electric car company. Vietnamese automaker VinFast, a subsidiary of conglomerate Vingroup, plans to build an automobile factory in the US with the aim of selling electric cars in California in 2022. Car showrooms in Vietnam. Photo: VinFast The Vietnamese automaker declined to provide details about investment, timing and location. However, the company will develop high-end models for the market in the immediate term and open 35 showrooms and service centers this year. California authorities have granted the Vietnamese company a license to test autonomous vehicles on public streets. Last September, the US state’s Governor Gavin Newson set a roadmap to stop selling gasoline cars by 2035 in order to make it a "zero-emissions" state. This policy is considered  the driving force for VinFast to strongly invest in electric car fabrication and distribution in the US market, according to VinFast CEO Thai Thanh Hai. The  market for electric cars in North America will not be easy for any  automaker, according to foreign experts. Ford Motor Co. and General Motors Co. are investing billions of dollars in electric cars, while other investors are also pouring  money to bring electric vehicle startups into North America through reverse mergers, typically Lucid Motors Inc., Lordstown Motors Corp., Fisker Inc., Canoo Inc., Xos. “VinFast’s vision is to become a global smart electric car company and the US market is one of the first international markets that we will focus on,” Hai said, adding that the company is also planning sales in Canada and Europe next year. In January, VinFast introduced two luxury electric SUV models which will be sold in the US, Canada and Europe. The Vietnamese manufacturer sold nearly 30,000 vehicles in 2020. The company forecasts sales of more than 45,000 units in 2021. Entering the auto industry three years ago, the company has an auto …

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The Hanoitimes - Vietnam would be among four economies hardest hit by the Covid-19 outbreak, behind Singapore, Thailand and Hong Kong (China). The Ministry of Planning and Investment (MPI) has forecast Vietnam’s GDP growth to slow to a 7-year low of 5.96% in 2020, indicating a less optimistic outlook compared to its assessment one week ago, local media reported. Data: MPI. Chart: Ngoc Thuy. Previously, the MPI predicted Vietnam’s GDP in 2020 to grow 6.09% in case the Covid-19 (nCoV) is contained by the end of the second quarter, representing a 0.7 percentage points lower than the target set by the National Assembly and nearly one percentage point compared to 2019. The MPI suggested Vietnam would be among four economies hardest hit by the Covid-19 outbreak, behind Singapore, Thailand and Hong Kong (China). The latest prediction of the MPI is similar to those of domestic economists. Pham The Anh, chief economist at the Vietnam Institute for Economic and Policy Research (VEPR), told VnExpress that Vietnam’s economic growth is predicted to be shaved off by one percentage point, while ANZ predicted a decrease of 0.8 percentage points in the first quarter due to the epidemic. The MPI also estimated Chinese arrivals coming to Vietnam would decline by 2.3 million if the outbreak is controlled by the end of the second quarter, while those from other countries are likely to decrease between 50% and 60%. “As Chinese tourists spend an average of US$743.6 each, and international tourists of US$1,141, a loss of US$5 billion would be incurred if the epidemic persists to the end of June,” said the MPI in its report. Preliminary assessment from the Vietnam Tourism Advisory Board (TAB) said the damage in the first quarter could be up to US$7 billion and exceed US$15 billion until the end of the second quarter. With tourism under pressure from the outbreak, the aviation industry is set to face a similar fate. Before the epidemic, 11 Chinese …

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