Heineken to shift production from Singapore to Vietnam and Malaysia
Dutch brewer Heineken will shift its brewing production from Singapore to Vietnam and Malaysia as part of its strategy to build a more agile regional supply approach.
Steel market to recover in latter half of 2023
The steel market is likely to recover in the third and fourth quarters of this year thanks to augmented efforts to disburse public investment and credit packages for social housing projects, along with positive signs of the Vietnamese economy, said Vice Chairman of the Vietnam Steel Association (VSA) Doan Danh Tuan.
 |
| Steel market to recover in latter half of 2023 |
The National Assembly approved an aid package worth 350 trillion VND (14.9 billion USD) for economic recovery for 2022 - 2023, including 113.84 trillion VND for infrastructure development, with a focus on such key projects as the North - South Expressway, the Long Thanh International Airport, and large logistics ports.
Last February, the Government also gave the green light to a credit package worth 120 trillion VND for social housing projects.
These factors should lead to soaring steel demand in Q3 and Q4, Tuan said.
He went on to say that in the long term, per capita steel demand in Vietnam will continue to increase from 240kg at present to 290kg by 2030, and focus on alloy and high-quality steel.In the first two months of 2023, crude steel production declined 22% year on year to 2.9 million tonnes while sales fell 10% to 3.1 million tonnes. However, the market has begun to rebound, according to the VSA.
Tran Dinh Long, Chairman of the Hoa Phat Group, said the most trying times of the steel industry may have passed, and his company’s quarter-by-quarter performance is representative of the current state of the industry.
The capacity of Hoa Phat and other enterprises in the industry is good, but their prospects still depend on the market's demand, he added, expressing his hope that the Government will further boost public investment in the time ahead.
In March, Hoa Phat manufactured 440,000 tonnes of crude steel, up 6% from February. It sold 500,000 tonnes of steel billets, construction steel, and hot-rolled coil steel, rising 5% month on month./.
Bài liên quan
Dành cho bạn
Đọc thêm
Lynas secures Vietnam metal processing deal with LS Eco Energy
Australian rare-earths miner Lynas has signed a framework agreement with LS Eco Energy to produce rare earth metals at a new facility in Vietnam.
Vietnam and EU seek to strengthen ties in transport infrastructure and urban development
Vietnam and the EU will enhance cooperation in transport infrastructure and sustainable urban development in the future, a meeting has heard.
Warburg Pincus eyes participation in Vietnam International Finance Centre
Global private equity firm Warburg Pincus is keen on participating in the Vietnam International Finance Centre, according to a conference held on March 23.
Novatek eyes expanded LNG cooperation in Vietnam
As Vietnam races to secure its energy future and meet the demands of its surging economy, a new partnership with a Russian energy giant is taking shape, signalling a deepening of the nations' long-standing ties.
EU to mobilise over $1 billion for major infrastructure projects in Vietnam
The European Union has launched a $46.4 million Sustainable Transport Development Fund to support large-scale infrastructure projects in Vietnam, with plans to mobilise additional financing from banks and private partners.
NIC partners with TU Berlin to boost Vietnam innovation ties
The National Innovation Centre has partnered with a leading technical university in Berlin to strengthen innovation and startup linkages between Vietnam and Germany.
ACB proposes $20 million non-life insurance subsidiary
Southern lender ACB has unveiled a formal proposal to establish a non-life insurance subsidiary as part of a strategic pivot to evolve into a comprehensive financial services provider by 2030.
