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Vietnam’s steel exports increase more than 38%

Vietnam’s steel exports increase more than 38%

HANOI: Vietnam’s steel exports to the US in particular had surged. The country shipped 124,600 tonnes of steel worth US$104.2 million to the US in the two-month period, double that of the same period last year.

The US has been the second largest importer of Vietnam’s steel after the ASEAN market. Vietnam also took the 12th position among the 20 largest steel exporters to the US.

US President Donald Trump signed proclamations to impose a 25% tariff on imported steel and a 10% tariff on imported aluminum on March 8. As a result of the decision, Vietnam would be one of the 12 most affected countries. Local steel producers have faced competition from others in the ASEAN market as well as higher tariffs.