Vietnam exported over 400,000 tonnes of construction steel in the third quarter of 2020, increasing by 4 percent and 37 percent compared to the first and second quarters, respectively, according to the Vietnam Steel Association (VSA).
Construction steel exports soar in Q3 (Photo: VNA)
Hanoi (VNA) – Vietnam exported over 400,000 tonnes of construction steel in the third quarter of 2020,increasing by 4 percent and 37 percent compared to the first and second quarters,respectively, according to the Vietnam Steel Association (VSA).
Notably, the export volume of hotrolled steel reached over 270,000 tonnes, rising by over 330 percent from thefirst quarter.
Asmany as 2.7 million tonnes of constructionsteel were sold in the reviewed period, up 19 percent and 6 percent against thefirst and second quarters, despite a drop in output, VSA said.
Other products such as hot and cold rolled steel, galvanizedand colour-coated steel sheets, and steel pipes all recorded stable growthsin both sales and exports.
Steel output in the first three quarters of the year down 1.7 percent year onyear to 18.5 million tonnes. Meanwhile, steel sales in the period reached 16.5million tonnes, a decrease of 4.3 percent year on year, including over 3.2million tonnes exported, down 8.6 percent.
Vietnam spent 5.43 billion USD on importing 9.35 million tonnes of steel in thefirst eight months of the year, down 13 percent in value and 3 percent involume compared to the same period last year.
In the period, ASEAN and China remained the key export markets of Vietnamesesteel products, with export turnovers hitting 1.44 billion USD and 844 millionUSD, respectively.
According to the Ministry of Industry and Trade, the construction steel salesare predicted to recover in the remaining months of 2020 after a fall in theJanuary-August period due to impacts from the COVID-19 pandemic./.
In the second half of this year, increasing competition in product quality, prices and market share are predicted to force steel companies to work harder to maintain their foothold in the market.
The Vietnam Steel Association (VSA)’s member enterprises suffered a strong reduction in production and business in the first quarter of this year due to the COVID-19 pandemic.
Iron and steel exports to Germany saw significant increases in volume and value in the first quarter of this year, according to preliminary statistics from the General Department of Vietnam Customs.
With an array of free trade agreements (FTAs) inked and coming into force, countries around the world have also increased technical barriers to protect their domestic industries, exposing many Vietnamese businesses to the risk of losing markets if they lack thorough preparations.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Construction steel exports soar in Q3 (Photo: VNA) 
