Steel manufacturers would face many difficulties this year after poor sales due to the global economic crisis and some would have to restructure, halt production or go bankrupt, according to the Vietnam Steel Association. The association predicts the demand for steel will remain low this year, rising only 4 per cent over last year. With [...]
Vietnam’s steel sector targets to achieve only 3-4% growth in 2012, the local news paper Saigon online reported Nguyen Chi Cuong, chairman of Vietnam Steel Association (VSA) as saying. In 2005-2007 period, the steel industry reached growth rate of above 20%, the chairman added. The economic situation in 2012 is expected to be not favorable [...]
It is high possible that no investor would pour money into the steel production since the production has far exceeded the demand. Steel manufacturers have tasted the bitterness from the overinvestment in the sector. Six steel manufacturers got bankrupted in 2011 Dau tu chung khoan has quoted Pham Chi Cuong, Chair of the Vietnam Steel [...]
The growth rate of steel consumption is expected to reach 4 percent by the end of this year, says the Vietnam Steel Association. The prediction is based on the fact that steel consumption in 2011 fell by 10 percent compared to the previous year, due to a series of difficulties. Slow consumption in 2011 made [...]
The domestic steel and cement manufacturing sectors currently hold a huge amount of unsold inventory due to low consumption in domestic and export markets, high transporting costs, and legal disputes. According to the Vietnam Steel Association, the unsold steel inventory is around 500,000 tons, double the allowable rate; while the Vietnam Cement Association reported that [...]
Vietnam Steel Association (VSA) has reported that 2011 steel production and business saw a negative growth rate of 10-20% which forced banks to become cautious in providing loans to the sector. Currently the steel inventory of VSA members is over 500,000 tons whereas the sales are very slow. In October, the country’s steel consumption reached [...]
Guang Lian Steel Company is optimistic as local authorities are close to handing over a new investment certificate for its steel project in Dung Quat Economic Zone. The company, a subsidiary owned by Taiwanese E-United Group, wants to build a $4.5 billion steel project in the zone, but has had an agonisingly long wait for [...]
In the last days of 2011, Vietnam has witnessed paradox in the domestic steel market when the export and consumption volume of construction steel products declined sharply while stockpiled surged. Statistics of ministry of industry and trade showed that due to slow consumption situation, the steel producers have reduced production output in order to avoid [...]
Prime Minister Nguyen Tan Dung requested the Ministry of Foreign Affairs to stop calling for investments in steel, cement and garment industries. The request was delivered at the Ministry of Foreign Affairs’ 27th meeting on December 14, 2011. At the meeting, Prime Minister highlighted that it is tasks of ambassadors, commercial counselors to persuade other [...]
Vietnam was estimated to have exported a total of 1.55 million tons of steel for $1.42 billion in Jan-October, making an on year rise of 67.8% and 47.4% for volume and value, respectively, the General Department of Vietnam customs said. In October alone, the country earned $0.12 billion from exporting steel, down 32.5% on month [...]
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