Vietnam has increased the volume of steel production over the past year
Vietnam Steel Association (VSA) shared the results of last year. So steel output amounted to 24.19 million tons. Local metallurgical enterprises worked hard. The figure exceeded the previous year’s result of 14.9%. Mostly it is the merit of the steel plant, Formosa Ha Tinh Steel. In may, he launched a second blast furnace. This has contributed to a significant increase in the productivity of the enterprise. In the end, the figure was 7 million tons of steel per year. What are the plans for the current year, not yet reported.
With regard to domestic sales, they also increased. At the end of last year it reached 21.74 million tonnes. Compared to the 2017 year, the result was more of 20.9%. Also increased the volume of export of finished steel products. Its growth was 26.6%. In quantitative terms, the exports stood at 4.75 million tons. Vietnamese steel company actively sent abroad semis. Exports amounted to 1.5 million tons. This is almost 60% more than the final result of 2017.
According to the forecasts of the Vietnam Steel Association steel production will continue to expand. This year we plan to launch several new production facilities. For example, this applies to the metallurgical complex of Hoa Phat Dung Quat. This year it is planned to put into operation the first place. It consists of two blast furnaces. Performance is about 2.5 million tons per year. In addition, experts say the increased competition. We are talking about the Vietnamese steel market. The reason for this is the gradual reduction of export volume. Send foreign markets products becoming less profitable. On the world market there are certain difficulties. The volume of domestic consumption cannot grow.