China continues to top steel suppliers to Vietnam in 2014

d4bed9d6d020163d163606

HANOI – China continued to be the largest steel supplier to Vietnam in 2014, accounting for 53.4 percent of Vietnam’s total steel import volume, said Vietnam industry and trade information center (VITIC) under the Ministry of Industry and Trade on Wednesday.

Last year, Vietnam imported 6.3 million tons of steel worth $3.8 billion from China, up 81.1 percent in volume and 61.06 percent in value year-on-year.

In December 2014 alone, Vietnam imported some 990,500 tons of steel from China, accounting for 68.5 percent of the country’s monthly import steel volume.

Vietnam mainly imported several types of steel including alloy steel and flat rolled steel from China in 2014.

Japan was the second largest steel supplier to Vietnam after China, making up 19.1 percent of total Vietnam’s steel imports in 2014. Japan sold 2.2 million tons of steel worth $1.4 billion to Vietnam during the year, down 9.18 percent in volume and 10.68 percent in value year-on-year.

In 2014, Vietnam witnessed year-on-year increases of steel imports with 25.63 percent in volume and 16.76 percent in value, said VITIC on its website on Wednesday.

Vietstock, a local online newspaper quoted industry insiders as assessing that the country’s steel sector faced challenges when Vietnam started to reduce import tax on steel from around ten percent to 0-5 percent from 2014 following its commitments to the World Trade Organization.

Vietnam’s steel production is in small scale and low technology. Few firms have investment to refine and make steel products by themselves.

Meanwhile, Vietnam-made steel products, which are poor in category, mainly focuses on steel for construction, while they are unable to meet demand of steel plate, foil and strip, said industry insiders.

A local economist who requires anonymity told Xinhua that the country imports billet and processed steel. Billet will be made into finished products with Vietnam’s advantages in production cost such as low electricity price and labor cost. The steel products will later be exported.

 

 

Source : China Daily | February 5, 2015

Thomas D’Innocenzi

Advertisements

About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
This entry was posted in Business, Economy, Global Sourcing and tagged , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s