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Vietnam Steel Associate proposes limit on foreign investment in steel sector-The 19th China(Guangzhou)Int'l Stainless Steel Industry Exhibition
8/1/2017 Stainless Steel Exhibition |
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VN Economic Times reported that the Vietnam Steel Associate has proposed a limit be placed on foreign investment in steel projects making products that domestic enterprises are able to produce, with foreign investment only attracted for the production of steel that can’t be produced locally, such as high-quality alloy steel for machinery production. Figures from VSA show that the demand for stainless steel is on the increase, with imports last year reaching 700,000 tons. Only two local factories produce the steel: VSC-POSCO, with 100 per cent capital from South Korea, and the Vietnam’s Inox Hoa Binh International Joint Stock Company, with total capacity of 300,000 tons per year.
Recognizing that Vietnam is an ideal destination for stainless steel, many Chinese investors are keen on establishing mills in the country. A Chinese investor recently expressed an interest in building a steel mill in southern Dong Nai province with a capacity of 300,000 tons a year.
VSA pointed out that with the development of the steel sector, domestic enterprises can afford to build large-scale projects with capacity of up to 6 million tons per year. Therefore, no more foreign investment should be attracted in the sector.
It believes the government should consider the right time to attract foreign investment and consider project scale and technology in order to ensure competitiveness in the market and control environmental pollution.
-The 19th China(Guangzhou)Int''l Stainless Steel Industry Exhibition
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