It was reported that Vietnam’s government asked the Ministry of Industry and Trade (MOIT) to implement measures to raise the domestic production capacity of steel products and balance the steel export volume so as to fulfill domestic needs.

Vietnam’s construction steel prices have surged by 45% since the beginning of this year. According to the MOIT, the sharp increase in steel prices was due to the soaring price of raw materials for steelmaking in the global market, longer delivery period, and the COVID-19 epidemic.