A hostile business climate has left Haiphong steel-makers on the back foot. In late July, steel-refining factories under big player Van Loi Steel Joint Stock incurred power-cuts as the factories owed VND11.2 billion ($540,000) in power charges. In addition, Van Loi member businesses owed over VND6.7 billion ($323,600) in social insurance fees to Haiphong Social [...]
Deputy Prime Minister Hoang Trung Hai is calling for a major shake-up of Vietnam’s inefficient steel industry. At his meeting last week with steel industry representatives, Hai said it was high time the industry was overhauled so it could ensure production better matched the country’s needs. In this way, the industry could help Vietnam pare [...]
With construction already in its annual seasonal slump, sales of construction steel have fallen even further than usual and stockpiles have reached a near-record of about 600,000 tonnes, according to the Viet Nam Steel Association. The association blamed rising prices and the Government’s austerity measures taken to curb the inflation for the slowdown in construction [...]
The giant Tata Steel steel manufacturing project remains deadlocked with the Indian firm forced to think about relocating the $5 billion project to other countries. “We have communicated to the government that if this project is no more a priority for Vietnam then we should be informed now. Accordingly we can reallocate our resources in [...]
The steel industry has been an unexpected casualty of the sluggish real estate market, as new construction has slowed to a trickle. The Government austerity plan under Resolution 11 has also called for a halt to non-essential State-funded building projects. “The steel industry is strongly interrelated with the real estate sector,” said Viet Nam Steel [...]
VietNamNet reported that Vietnamese steel manufacturers all say they are striving to have a green steel industry. However, this would mean higher production costs and lower competitiveness. According to Mr Pham Chi Cuong chairman of Vietnam Steel Association, Vietnam still has not set up standards for energy, material and water consumption for manufacturing steel. Therefore, [...]
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