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China accounts for 60 pct of Vietnam's imported steel

Xinhua, July 6, 2016 Adjust font size:

Imported steel from China has accounted for some 60 percent of Vietnam's total imported steel so far in 2016, according to Vietnam Steel Association (VSA) on Wednesday.

Statistics by VSA showed that, so far this year, Vietnam imported over 9.6 million tons of all kinds of steel worth around 3.42 billion U.S. dollars.

The figures post a year-on-year increase of 48 percent in volume and 1 percent in value, local Vietnam Economic Times quoted the VSA as saying.

VSA vice chairman Nguyen Van Sua said despite growth in domestic steel production and trading over the past time, Vietnam remains a big importer of steel.

The country ranks first in the Southeast Asian region and seventh worldwide among steel importers.

In 2015, Vietnam imported some 18.7 million tons of steel, said the official.

VSA forecast that steel imports into Vietnam is likely to rise in final months of the year, as domestic demand for construction materials goes high. Endit