Economists believe Vietnam’s steel and iron producers will benefit from expanded export opportunities ushered in by the scheduled conclusion of Trans-Pacific (TPP) Partnership negotiations later this year.
Vietnamese steel exports increased over 15% during the first ten months of 2013. Foreign direct invested businesses contributed more than 61% of total export turnover. Steel businesses currently export to 26 foreign markets.
Economists predict Vietnam’s TPP membership will help its steel sector reduce excess stock and capitalise on substantial tariff reductions.
Former Vietnam Steel Association Vice Chairman Nguyen Tien Nghi is confident of the steel sector’s willingness to undertake the preparations necessary for successfully seizing advantage of the TPP’s expanded opportunities.
Nghi said businesses should ensure their products match international standards, improving product quality, upgrading technology, and raising productivity wherever necessary.
