Vietnamese steel production is expected to reach 6.7Mt this year, a year-on-year increase of 4.2%, according to a report released by the Ministry of Industry and Trade.

The ministry has also asked provincial-level agencies to narrow the insurance 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 and Lao Cai Provinces and foreign direct investment projects on the Guang Lian and Formosa steel plants.

Source VietnamPlus, Hanoi