Steel industry expects to produce 6.7m tonnes
Domestic steel production is expected to reach 6.7 million tonnes this year, a year-on-year increase of 4.2 per cent, according to a report released by the Ministry of Industry and Trade.
The ministry has also asked provincial-level agencies to narrow the issurance of invesment licences due to drastic competition of steel products in the global market and an overflow of low-cost steel products imported into Vietnam .
Domestic firms are also required to speed up steel projects, such as cast iron and steel manufacturers in Thai Nguyen, Ha Tinh, Lao Cai provinces and foreign direct investment projects on the Guang Lian and Formosa steel plants.
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