Research Report on the Vietnam Steel Industry, 2018-2022 - CAGR of the Production Volume of Crude Steel is Projected to Exceed 20% - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jun 6, 2018--The “Research Report on Vietnam Steel Industry, 2018-2022” report has been added to ResearchAndMarkets.com’s offering.
The growth rate of Vietnam’s GDP in 2017 was about 6.8%, a relatively high level in Southeast Asia. Vietnam’s economy has been increasing rapidly for many years, but wages of manufacturing are still at a low level, which were less than 50% in China and far below that of the developed countries in 2017.
According to research, the Vietnam steel market will become one of the fastest growing markets in the world from 2018 to 2022. Meanwhile, the CAGR of production volume of crude steel is projected to exceed 20%. By 2022, Vietnam will become a net exporter of steel.
As Vietnam’s economy develops and the living standards of residents rise, the demand for steel in the industries such as construction, automobiles and home appliances is also going up. The rapid development of steel demand has attracted many steel enterprises to build new steel capacity in Vietnam. Overall, Vietnam’s steel industry is still growing and the homemade steel cannot meet the needs of the domestic market.
In 2017, the production volume of crude steel in Vietnam reached 10.3 million tons, representing a CAGR of 16.5% from 2013 to 2017. However, the demand for steel in the domestic market approached 20 million tons. Therefore, it is estimated to take 3-5 years before the steel production can basically satisfy the market demand.
Based on the analysis, seeing the huge potential of the steel market in Vietnam and even Southeast Asia, many enterprises have invested in Vietnam’s steel industry in recent years. The largest investment case is Formosa Ha Tinh Steel Corporation (FHS), which is a joint venture by Formosa Plastic Group, China Steel Corporation and Japan’s JFE Holdings, with a first-phase investment of more than USD 10 billion.
Due to the rapid increase in production capacity of the steel industry in recent years, the supply of some types of steel in Vietnam has exceeded the demand, including concrete iron or steel for construction, cold-rolled steel coil products, etc. In order to reduce large quantities of imports such as hot-rolled steel coils and electromagnetic steel sheets, the Vietnam government is actively attracting foreign investors to establish positions in the country.
Key HighlightsEconomic Environment of Vietnam’s Steel Market Policy Environment of Foreign Investment in Vietnam’s Steel Industry Analysis on Labor Costs in Vietnam Analysis on Supply and Demand of Steel in Vietnam Analysis on Import and Export of Steel in Vietnam Analysis on Competition of Vietnam’s Steel Market Analysis on Major Steel Manufacturers in Vietnam Driving Forces and Market Opportunities in Vietnam’s Steel Industry, 2018-2022 Threats and Challenges Faced by Vietnam’s Steel Industry, 2018-2022 Forecast on Investment and Development of Vietnam’s Steel Industry, 2018-2022
Companies MentionedFormosa Ha Tinh Steel Corporation (FHS) Hoa Phat Group Hoa Sen Group SMC Steel Company Limited VSC - Posco Steel Corporation (VPS) Viet Nam Steel Corporation
Key Topics Covered
1 Development Environment of Vietnam Steel Industry 2 Market Status of Vietnam Steel Industry, 2013-2017 3 Analysis on Import and Export of Steel in Vietnam, 2013-2017 4 Major Steel Manufacturers in Vietnam, 2015-2018 5 Prospect of Vietnam Steel Market, 2018-2022
For more information about this report visit https://www.researchandmarkets.com/research/qdxfh6/research_report?w=4
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Related Topics:Iron and Steel
KEYWORD: VIET NAM ASIA PACIFIC
INDUSTRY KEYWORD: MANUFACTURING STEEL NATURAL RESOURCES MINING/MINERALS
SOURCE: Research and Markets
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PUB: 06/06/2018 06:20 AM/DISC: 06/06/2018 06:20 AM