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The Vietnam Steel Association (VSA)’s member enterprises suffered a strong reduction in production and business in the first quarter of this year due to the COVID-19 pandemic.
In the first quarter, VSA member enterprises recorded a plunge of 15 percent in steel output to 5.4 million tonnes and 20 percent in consumption to 4.4 million tonnes year-on-year.
Meanwhile, steel exports reached 300,000 tonnes, a reduction of 38 percent from the same period last and 21 percent compared to December 2019, according to the association.
According to steel expert Nguyen Van Sua, steel producers with modern production technology and low energy consumption would be able to continue running while producers with old production technology and high production costs would struggle to compete.
He said the State should extend tax payment deadlines and cut tax for steel producers to help them overcome difficulties./.VNA
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- [Editor:kangmingfei]
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