Chinese steel may flood Vietnam market
After the strong depreciation of the Chinese yuan, steel industry insiders have warned local steel producers that Chinese steel products could flood the Vietnamese market, causing difficulties for them.
Vice-Chairman of the Vietnam Steel Association Nguyen Van Sua said although in recent years, the local steel industry has developed very fast, local importers still had to import a large volume of steel products and semi-finished products every year. Chinese steel products account for 60 per cent of the total steel imports.
Sua said China’s yuan devaluation would have both negative and positive effects.
