Vietnam’s sales of steel products reached 23 million metric tons in 2021, up 17 percent from 2020, according to Nghiem Xuan Da, chairman of the Vietnam Steel Association.
The Southeast Asian country exported more than 14 million metric tons of steel products last year, earning about US$12.7 billion, while importing 13 million metric tons worth over $12.2 billion, down seven percent in volume but up 38 percent in value over the same period in 2020.
The nation’s top five steel export markets in 2021 were ASEAN, mainland China, the EU, the U.S., and Taiwan, which were sorted by size, while its major steel supplier was China, accounting for about 41.38 percent of the total steel imports and 39.04 percent of the total import turnover.
Japan, South Korea, and India supplied 14.51 percent, 13.63 percent, 12.2 percent to Vietnam, respectively.
Construction steel shipments increased 1.5 times year on year, equivalent to 2.22 million metric tons, thanks to favorable factors, such as environmental policies, adjusted export tax refunds from the Chinese government, and recent fluctuations in ore, coke, and scrap prices.
Assessing the prospect of Vietnam’s steel market in 2022, chairman Da emphasized the importance of “the government’s thorough instructions to stabilize and develop production and business activities while flexibly adapting to the COVID-19 pandemic.”