Vietnam may face steel oversupply this year

10:07, January 26, 2010      

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Vietnamese Vice Minister of Industry and Trade Do Huu Hao said here on Monday that Vietnam may face steel oversupply this year.

Hao made the forecast at a meeting with the Vietnam Steel Corporation (VNSteel), saying that the pressure is from overproduction of domestic companies and increasing steel import.

A report from the Vietnamese Ministry of Industry and Trade forecast that Vietnamese steel companies will produce 6.8 million tons of steel in 2010, up 9.3 percent from last year.

The Vietnam Steel Association said that Vietnam's steel demand is expected to stand at 5.8 million tons this year, up 10 percent year-on-year.

VNSteel's general director Dau Ngoc Hung said that the corporation would pay more attention to sales and marketing this year to develop its brandname and find more export markets to ease the pressure on the domestic market.

Source: Xinhua
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