Nine industries could be negatively affected in the short term by the fallout of the coronavirus epidemic, according to a report by SSI Securities Corporation.
The Vietnamese steel industry is expected to face difficulties this year due to an increase in production capacity, falling demand and protectionist measures by countries to reduce imports, according to experts.
Consumption of steel products, especially colour-coated steel, declined in October while production continued to rise, according to the Vietnam Steel Association
Sales of Hòa Phát construction steel in the first month of this year hit 250,000 tonnes, a 27 per cent year-on-year rise and equal to record sales in October 2018.
Hòa Phát Corporation announced on January 29 that its steel products are now available in 14 countries with a total export volume of nearly 240,000 tonnes in 2018, up 50.97 per cent annually.
In recent months, Việt Nam’s steel industry has had to compete with a rising amount of imported steel in the domestic market and faces a number of anti-dumping investigations in export destinations, reported the Ministry of Industry and Trade.