Steel firms find ways to secure exportsTariff pressure on steel exports to the United States, a market comprising over 10% of Vietnam’s steel exports, has been less extreme as local steel firms have diversified their material supplies to avoid dependence on Chinese materials, officials said. The United States slapped import duties on corrosion-resistant steel and cold-rolled steel imported from Vietnam and originating from China. According to Dung, Vietnam’s steel products account for a mere 1.6% of the United States’ annual steel imports; thus, it is unreasonable to argue that Vietnamese steel is threatening the United States’ steel industry. Thanks to these solutions, steel exports in the year’s first quarter did not decline, Dung said. Steel firms have also invested in modern technologies to increase product quality and have explored new markets.

Source: VietNamNet News June 11, 2018 10:41 UTC