Vietnamese iron and steel exports to the EU soar

Tuesday, Jun 29, 2021 08:45

Iron and steel exports to the EU increased five times in the first five months year-on-year. — Photo

Iron and steel exports to the EU reached 713,000 tonnes in the first five months of this year, up five times year-on-year, reported the General Department of Customs.

The whole country exported 4.88 million tonnes of iron and steel with a value of US$3.61 billion in the first five months of this year, a sharp increase of 61.6 per cent in volume and 117 per cent in value over the same period last year.

The EU, China, Cambodia, Malaysia and Mexico were the five largest import markets for Vietnamese iron and steel products.

Iron and steel exports have enjoyed many advantages as the demand for steel in many markets has increased strongly for many months, the Viet Nam Steel Association (VSA) told Dau tu (Viet Nam Investment Review) newspaper.

Exports to the EU have increased by five times over the same period amid the impact of the EU - Viet Nam Free Trade Agreement (EVFTA), which has been in effect for nearly 10 months.

Many enterprises have taken advantage of opportunities to boost exports through trade facilitation.

The EU is known as a market that requires products to meet very high and strict standards. The sharp increase in exports partly shows Vietnamese enterprises have standardised production and satisfied the needs of consumers with high demands.

After only five months, Vietnamese steel exports to the EU has more than doubled compared to exports in the whole of last year.

Iron and steel exports reached 9.86 million tonnes, worth nearly $5.26 billion last year, but exports to the EU were only 309,000 tonnes, worth $235.5 million. — VNS

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