Taiwan’s Tung Ho Steel invests VDN 4.22 trillion in Vietnam
According to report, Tung Ho Steel, one of the steel manufacturers in Taiwan, has invested VDN 4.22 trillion for a plant in southern Vietnam. The factory’s annual capacity was about 1 million tons of steel billets and 600,000 tons of hot-rolled steel. It has been in operation since 2008.
The chairman of Tung Ho Steel said he saw the Vietnam market had compounded annual growth rate of 20% during 2014-2017. However, currently the market supply might exceed the demand, and steel products from Vietnam were facing anti-dumping issue from other countries.
The latest investment was to upgrade facilities to cut down 75% of energy consumption and carbon dioxide emissions as well as achieving competitive pricing.
According to the data from Vietnam Steel Association (VSA), Vietnamese steel companies' sales were around 22 million tons of steel in 2018, rising 20.9% year-on-year. The export volume was around 5 million tons, up by 26.6% year-on-year.
