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Vietnam iron and steel imports hit a new record

Vietnam iron and steel imports hit a new record

Tuesday 15, 10 2019
General Department of Vietnam Customs has just released 2016’s official import-export figures. Accordingly, in 2016, Vietnam imported 18.4 million tons of iron and steel worth USD 8 billion which is 18.4% higher in volume and 7.2% higher in value com

General Department of Vietnam Customs has just released 2016’s official import-export figures. Accordingly, in 2016, Vietnam imported 18.4 million tons of iron and steel worth USD 8 billion which is 18.4% higher in volume and 7.2% higher in value compared to 2015. 

In addition, Vietnam spent USD 3 billion on importing steel products, which means in 2016, the country spent about USD 11 billion on importing steels.

Meanwhile, iron and steel exports were only USD 3.9 billion, making Vietnam’s steel trade deficit reach USD 7 billion.

According to statistics, in 2016, Vietnam hit a record in importing iron and steel. (In 2015, iron and steel imports were 15.5 million tons worth USD 7.4 billion; in 2014, it was 11.7 million tons worth USD 7.7 billion)

The volume of steel imported has doubled that in the frozen period of real estate market a few years ago.

China’s iron and steel exports to Vietnam amounted to 11 million tons, worth USD 4.45 billion, increased by 14.25% in volume and 7.1% in value. This is the largest iron and steel exporter to Vietnam.

Following are Japan and Korea with 2.64 million tons and 1.8 million tons respectively.

Particularly, steel imports in 2016 have surpassed the total steel production of the whole country. According to Vietnam Steel Association (VSA), in 2016, total steel production reached 17.5 million tons, increased by 16.8% compared to the previous year. Consumption reached 15.3 million tons, 23.7% higher than that of 2015.

VSA also informed that steel exports faced a lot of difficulties due to trade defense actions taken by the USA, Canada, India, Thailand, Malaysia… However, the biggest steel import markets of Vietnam are still the USA and ASEAN.

Foreign steels are being massively imported into Vietnam and there seems to be frauds, tax dodge and safeguard duty evasion. There have been 18 steel enterprises petitioning the Ministry of Industry and Trade, and the Government to expand the scale of application of safeguard duty and take tight control to prevent duty cheats.

Previously, the Ministry of Industry and Trade had applied temporary safeguard duty on imported steel bars and steel billets with 15.4% and 23.3% respectively. However, they evaded by declaring different HS codes.

-Compiled by VietnamCredit-

Categories
Financial News

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