The Vietnam Chamber of Commerce and Industry has recently unveiled that many steel firms from the Republic of Korea (RoK) are planning their investments in Vietnam.
|Illustrative photo (Source: cafef.vn) |
Jung Won Bae, Chairman of S&M Media, a RoK mass media organisation that specializes in steel and nonferrous metals, said Vietnam is received significant attention from RoK steel enterprises for its political stability compared to other emerging economies. Amid the US – China trade war, RoK steel producers operating in China want to move their facilities to avoid the US’s tariff targeting China.
Vietnam’s steel market is forecast to be in good shape during this year’s first quarter despite high prices, said the Vietnam Steel Association (VSA).
Over 1.95 million tonnes of steel were sold in the January-February period, up 18.9 percent year-on-year. Of which, more than 456 tonnes were for export, up 28.8 percent from January 2018.
The sector is expected to grow by a record 10 percent in 2019.