China continues to top steel suppliers to Vietnam in 2014

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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

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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