By the end of the first quarter of 2022, the steel industry had imported up to 3 million tons, worth US$3.1 billion, with a trade deficit of US$ 800 million, while exports brought in US$2.3 billion, according to the Vietnam Steel Association (Vietnam Steel Association).
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According to VSA's report on the Vietnamese steel market in the first quarter of 2022, GDP growth exceeded 5%, showing that the national economy is on the way to recovery and the efforts made by the whole political system to promote economic development have proved effective.
Steel production and trading activities throughout the reviewed period recorded positive signals, in which, finished steel production reached 8,456 million tons, up 3.2% over the same period from last year. Finished steel sales achieved 8.137 million tons, representing a 11.9% increase on-year.
Increased steel consumption coupled with projects on public investment in civil construction, infrastructure facilities also boosted steel imports. In March 2022 alone, imports of finished steel into Vietnam reached 1.1 million tons with a value of US$ 1.14 billion, up 23% in volume and 22.36% in value over the same period from last year.
In terms of exports, in March alone, steel exports witnessed a strong recovery, reaching 956,000 tons, up 75.41% over the previous month, down 22.8% on-year.
In total, the first three months of the year saw the nation export about 2,275 million tons of steel, worth US$2.3 billion, down 22.15% in volume and up 12.5% in value over the same period in 2022.
Vietnam's main export markets in the first quarter of 2022 focus on ASEAN (40.57%), EU (19.32%), US (8.34%) and South Korea (8.34%). 6.97%) and Hong Kong (3.91%).
Vietnam's major export markets in the first quarter of 2022 focused on ASEAN, accounting for 40.57%, the EU (19.32%), the US (8.34%), the Republic of Korea (RoK) (6.97%) and Chinese Hong Kong (3.91%).
