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Steel imports hit US$7.3 billion

by VTV407 January 2016 Last updated at 11:46 AM

VTV.vn - Vietnam imported more than 1.25 million tonnes of steel last December, bringing total import volume in 2015 to more than 15 million tonnes valued at US$7.3 billion.

According to latest statistics from the General Department of Vietnam Customs, Vietnam imported more than 1.25 million tonnes of steel last December, bringing total import volume in 2015 to more than 15 million tonnes valued at US$7.3 billion. Most of the imported steel products came from China, Japan, the Republic of Korea and Taiwan, with China alone accounting for over 50%. Cheap imported steel has flooded the domestic market caused numerous difficulties for domestic businesses.

The Ministry of Industry and Trade has recently decided to conduct an investigation against imported steel ingots and steel bars and is considering technical barriers. Domestic production has increased by 5-10% while imports skyrocketed by over 150% in 2015.

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