Vietnam’s “Legal News” reported on May 11 that Vietnam’s Deputy Prime Minister Liming Kai asked the Ministry of Industry and Trade to take measures to increase the production capacity of domestic steel products to meet basic domestic demand.

The Deputy Prime Minister of Vietnam also asked the Ministry of Industry and Trade to study and adjust the imbalance of steel supply in the market, and to give priority to satisfying the domestic market by adjusting and balancing the export volume of steel products. Since the beginning of the year, the price of construction steel in Vietnam has risen sharply to 45%.

According to the Bureau of Industry (Ministry of Industry and Trade), the reason for the increase in steel prices is the soaring prices of raw materials for steel production in the global market, coupled with the new crown epidemic and the prolonged delivery time, which have also caused steel prices to soar.

According to the previous forecast of the Vietnam Iron and Steel Association (VSA), steel prices will stop rising at the end of the second quarter. But for now, the situation is changing. When considering the situation in many markets such as China, the United States, India, and the European Union, it is believed that the momentum of rising steel prices will continue into the third quarter.