Vietnam to Construct Stainless Steel Plant worth USD 60 million
...
According to market sources, the central province of Vietnam Quang Tri has licensed domestic firm Viet Quang Limited Company to build a stainless steel plant with a total investment of USD 60 million. Viet Quang was established in 2004 and is engaged in the manufacturing of steel wires, galvanized steel wires and related products such as barbed wires, mesh fences, steel nails.
The proposed stainless steel plant will occupy 7.41 acres of land in the industrial park located in H?i L?ng District. The local authorities have investigated a site in the province's South East Industrial Park and have granted the land plot to the company. They have also asked the company to finalise their plans to issue a report soon for the construction planned to commence in the first quarter of the year 2019.
Qu?ng Tr? formed the South East Industrial Park in 2015 on a total area of 58,791 acres, occupying farming land and land in the coastal protected forest in the three districts of Gio Linh, Tri?u Phong and H?i L?ng. The park has remained almost entirely empty.
In April 2018, another company Dung Quat Hoa Plant Steel Company has also collaborated with Danieli Group from Italy to produce stainless in Vietnam. The stainless steel output is anticipated to be about 600,000 tons to 1 MnT, which to strengthen the steel value chain, exports and reduce dependency on import commodities.
According to the statistics released by the Taiwan Steel & Iron Industries Association (TSIIA), Vietnam was the main Taiwan's stainless steel export market in 2017. Taiwan exported around 211,000 tonnes stainless steel, accounting for 14.2% of the total exports to Southeast Asia.
Thus, Vietnam's new upcoming stainless steel factories are not the only threat to Southeast Asia's market share of Taiwan but also impact Taiwan's exports to Vietnam.
Also recently, Vietnam has maintained most of its anti-dumping duties on stainless cold-rolled steel imports from China, Taiwan, Indonesia and Malaysia until October 2019. The duties apply to products with the following HS codes: 7219.32.00; 7219.33.00; 7219.34.00; 7219.35.00; 7219.90.00; 7220.20.10; 7220.20.90; 7220.90.10; 7220.90.90.
The duty ranges from 6.64% to 37.29% and new rates came into effect from July 20 this year to October 6, 2019. Vietnam first imposed the duties in October 2014 for a period of five years, before revising them in May 2016 after a review.
