Vietnam imports less steel in January-May 2022

Updated on: 08/06/2022

Vietnam spent more than 5.4 billion U.S. dollars importing over 5.1 million tons of steel and iron in the first five months of this year, up 17.1 percent in value and down 14.3 percent in volume year on year, data from the Vietnam Steel Association showed on Monday.

In May alone, the Southeast Asian country imported about 1.1 million tons of steel and iron products worth approximately 1.3 billion dollars, up 20.6 percent in volume and 38.2 percent in value year on year, according to the association.

Its largest suppliers of steel and iron included China, Japan, South Korea and India, said the General Department of Vietnam Customs.

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In 2021, Vietnam spent 11.5 billion dollars importing more than 12.3 million tons of steel and iron, down 7.1 percent in volume but up 42.6 percent in value against 2020, according to the General Statistics Office.

Meanwhile, the country reaped over 11.7 billion dollars from exporting around 13 million tons of steel and iron products last year, an increase of 131.9 percent in volume and a hike of 223.4 percent in value from 2020, said the office.

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