MoIT proposes strategy for steel industry

According to a report from the Ministry of Industry and Trade (MoIT), autonomy in domestic steel production is an indispensable requirement of self-reliance in raw materials for production and consumption as well as the process of urbanization and modernization of national facilities. It has therefore proposed the “Strategy to develop the steel industry to 2030 and vision to 2050”, in which it is necessary to develop high-quality fabricated and alloy steel. Total steel demand in Vietnam’s manufacturing industries is forecast to reach $310 billion by 2030.