Vietnam’s iron and steel exports have seen a significant increase in the first quarter of the year, with a rise in both volume and value compared to the same period last year. The country’s exports of iron and steel of all kinds reached close to 1.1 million tonnes in March, generating over US$834.8 million in revenue.
Italy has emerged as the largest importer of iron and steel from Vietnam during this three-month period, with imports totaling nearly US$299 million and 483 thousand tonnes. This marks a substantial increase of 80.4% in volume and 64.2% in value compared to the previous year. The United States and Cambodia followed Italy as the next largest importers, with export values standing at US$399.6 million and US$182.8 million, respectively.
One of the most significant growth markets for Vietnamese iron and steel exports during this period was Singapore. Exports to Singapore surged to 42,190 tonnes in March, with a turnover of over US$23 million. In total, exports to Singapore reached 81,227 tonnes and were valued at more than US$44.6 million in the first quarter, representing a remarkable increase of 18,790% in volume and 6,457% in value.
The Vietnam Steel Association (VSA) has projected that steel consumption in the country will increase by 6.4% this year, reaching nearly 21.6 million tonnes. Additionally, exports of finished and semi-finished steel products are expected to grow by 12% to nearly 13 million tonnes. This positive outlook is a strong indicator of the flourishing steel industry in Vietnam for the year ahead.
