Steel sector’s growth to hit 10-12 percent in 2017

The steel industry is likely to enjoy a 10-12 percent growth next year, said the Vietnam Steel Association (VSA) at a workshop in Ho Chi Minh city on December 8.

                                                        Illustrative image (Source: Internet)

According to Chu Duc Khai, VSA Vice President and General Secretary, steel consumption greatly depends on the country’s GDP growth.

With expected GDP growth of 6.2 percent this year, and the operation of 10 steel projects in 2017, the sector’s growth is expected to further expand, Khai said.

However, he warned of challenges ahead as cheap steel from China would continue to enter the domestic market.

Vietnam also has to meet strict technical standards when it exports steel.

To cope with difficulties, the country will have to apply trade protection measures and technical barriers to restrict steel imports, Khai noted.

The VSA has filed petitions to the Government demanding anti-dumping measures be imposed on several steel products imported to the country.

Source: VNA