Xinhua quoted Mr Do Huu Hao vice minister of industry and trade of Vietnam as saying that Vietnam may face steel oversupply in 2010.
Mr Hao made the forecast at a meeting with the Vietnam Steel Corporation, saying that the pressure is from overproduction of domestic companies and increasing steel import.
A report from the Vietnamese Ministry of Industry and Trade forecast that Vietnamese steel companies will produce 6.8 million tonnes of steel in 2010, up by 9.3% YoY.
The Vietnam Steel Association said that Vietnam's steel demand is expected to stand at 5.8 million tonnes in 2010, up by 10% YoY.
Meanwhile, Mr Dau Ngoc Hung general director of VNSteel said that the corporation would pay more attention to sales and marketing this year to develop its brand name and find more export markets to ease the pressure on the domestic market.
Vietnam may face steel oversupply in 2010
The pressure is from overproduction of domestic companies and increasing steel import, Vietnamese vice minister of industry and trade said.
Source: dtinews.vn
