Vietnam steel imports top $3.53 bln

Vietnam has imported 4 million tons of steel and steel products worth US$3.53 billion this year, 14.6 percent lower in volume terms compared to the same period last year but 9 percent higher in value.

Steel billets, stainless steel, hot-rolled steel, and steel sheets were the top categories of import.

The largest supplier was China followed by Japan and Korea.

The country exported 940,000 tons of steel products worth $881 million, 44.2 percent up over the last year period.

In 2010 the country imported 10.98 million tons of steel and steel products worth $7.09 billion while exports were worth $1.17 billion.

This year the government plans to reduce the deficit in steel by encouraging domestic production of steel and imposing a 6 percent tax on export of the item.

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