Vietnam's Steel Industry Set to Increase 7-8 Percent in 2024
TEHRAN (ANA)- The Vietnam's domestic steel industry is seeing a positive growth trend and projected to increase by 7-8 percent this year, Vietnam News reported, citing the Vietnam Steel Association.
The country's total production capacity for crude steel is around 23 million tons, while the capacity for finished steel products, including construction steel, hot and cold rolled coils, galvanized sheets and pipes, is approximately 38.6 million tons per year, said the report.
This year, finished steel production is expected to hit 30 million tons, reflecting a 7 percent rise from 2023, said the association.
However, the current state of steel production in Vietnam is facing significant challenges due to oversupply and increased imports, leading to fierce price competition for domestic steel products.
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