A REPORT ON COMPARATIVE ADVANTAGE OF THE VIETNAMESE ECONOMIC GROWTH IN STEEL INDUSTRY UNDER THE EFFECTS OF COVID 19

INS2005 INTERNATIONAL ECONOMICS A REPORT ON COMPARATIVE ADVANTAGE OF THE VIETNAMESE ECONOMIC GROWTH IN STEEL INDUSTRY UNDER THE EFFECTS OF COVID-19 Prepared by Group 09: 1/ Nguyễn Thu Hương ID: 18071117 2/ Nguyễn Thị Thanh Hằng ID: 19071357 3/ Đỗ Thị Hồng ID: 17071075 4/ Lô Thị Trà My ID: 19071428 5/ Bùi Phương Thảo ID: 18071409 6/ Nguyễn Thị Minh Thư ID: 19071514 Hanoi, October 2021 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS TABLE OF CONTENT INTRODUCTION • About our group • About this report CHAPTER 1: OVERVIEW THE VIETNAMESE ECONOMY AND STEEL INDUSTRY 1.1 Vietnamese Economy 1.2 Vietnamese Steel Industry CHAPTER 2: THE VIETNAMESE STEEL INDUSTRY’S GROWTH 2.1 Value Chain Analysis 2.2 Economic Factors 2.3 Production Situation 11 2.3 Main Businesses 13 CHAPTER 3: COMPETITIVE ADVANTAGES OF STEEL INDUSTRY 14 3.1 Factor of Production 14 3.1.1 Steel Production 14 3.1.2 Labor Resources 15 3.2 Demand Conditions 15 3.2.1 Global Demand 15 3.2.2 Domestic Consumption 16 3.3 Supporting Industries 17 3.4 Strategies and Competition 17 3.4.1 Strategies 17 3.4.2 Competition 18 CHAPTER 4: CONCLUSION 19 4.1 Summary 19 4.2 Assessment 20 4.2.1 Advantages 20 4.2.2 Disadvantages 20 4.2.3 Recommendations 21 REFERENCES 23 Page of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 INTRODUCTION • About our group We are Group with members Table Members’ Contribution GROUP 09 No Name Student Contribution ID Rate Being Responsible For - Conduct report Nguyễn Thu Hương 18071117 100% - Summary (4.1) (Leader) - Contribute to other parts as adjuster Nguyễn Thị Thanh Hằng 19071357 100% - Chapter 3 Đỗ Thị Hồng 17071075 100% - Value Chain Analysis (2.1) - Economic Factors (2.2) Lô Thị Trà My 19071428 100% - Production Situation (2.3) - Main Businesses (2.4) - Chapter Bùi Phương Thảo 18071409 100% - Assessment (4.2) Nguyễn Thị Minh Thư 19071514 100% - Chapter Note All work-breakdowns are transparently assigned among every member Page of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS • About this report Nowadays, international trade is a tendency of commerce all over the world, so analytical skill is becoming increasingly important in the field of trade In general, knowing the situation of home country’s economic is the basic fundamental to develop any businesses and operations Face with the situation of Covid-19 pandemic, Vietnamese economy still has the advantages not to deeply influence Then, steel industry is an emerging industry that provide a potential chance for Vietnamese economic growth along with the development of steel corporation Given the importance of analytical skill, this paper will research in the Vietnamese economic growth in steel industry based on the real situation and its competitive advantages In addition, this paper will give some assessment as long as recommendations to benefit from this industry By reading this report, you will have knowledge about the growth of Vietnamese economy in steel industry then aware about its competitive advantages in the context of Covid-19 pandemic HOPE YOU LIKE IT! Page of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS CHAPTER 1: OVERVIEW THE VIETNAMESE ECONOMY AND STEEL INDUSTRY 1.1 Vietnamese Economy In recent years, Vietnam's economy has been spectacular The economic and political reforms under renovation period have resulted in fast corporate finance growth, changing Vietnam to a middle-income country Despite of the fact that the economy was severely impacted by the Covid-19 epidemic in 2020, the Vietnamese economy increased by approximately 3%, making it one of the few countries in the region and the world to have positive growth The macro-economy is largely stable, and markets run smoothly, allowing people and businesses to concentrate on production and business During the time 2016-2020, the inflation rate was steadily reduced from three digits in the early years of the renovation era to the goal level of 4% With a slew of large-scale and high-tech projects, foreign direct investment capital soared, opening up a slew of prospects for domestic economic cooperation in production, business, and technology transfer Recently, Vietnam has signed two high-potential accords, EVFTA and RCEP, and has gone from being a deficit country to balancing imports and exports, even having a trade surplus Vietnam's economy grew solidly at 5.6 percent in the first half of 2021, according to a new World Bank assessment, but it faced major threats both within and outside 1.2 Vietnamese Steel Industry The Covid-19 pandemic has hit many parts of the globe for a long time, the domestic steel industry continues to face challenges due to the stagnation of manufacturing industries Page of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 using steel for construction industry, infrastructure, automobiles, motorbikes and competitive pressure from increasing domestic supply However, in 2020, despite facing many difficulties due to complicated developments of the Covid-19 epidemic, the steel industry still recorded good growth In addition, in the face of opportunities from integration, especially the implementation of trade agreements, the removal of a series of tariffs will help Vietnamese steel enterprises expand the export market Besides, the import of raw materials from countries in the bloc that have signed FTAs will also help Vietnam benefit in price Facing opportunities from international economic integration, especially the implementation of new agreements, the steel industry is expected to have more conditions to attract investment, promote production and export to new markets However, at present, the steel industry still has to compete fiercely with imported steel penetrating strongly into the Vietnamese market CHAPTER 2: THE VIETNAMESE STEEL INDUSTRY’S GROWTH 2.1 Value Chain Analysis The typical value chain in steel industry includes the production of hot rolled coil (HRC) from iron ore, as known from the raw materials Iron ore, coal and lime are smelted into pig iron From smelted cast iron to Steel slab, from rolled billet to hot rolled coil, then continue the cold rolling process to achieve the required thickness and hardness, the product is cold rolled steel (CRC) From cold rolled steel, people use it to galvanize, cold galvanize (GI/GL) to use or continue to color it into color coated corrugated iron (PPGI) Figure 2.1.1 Steel production process Page of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS Note Adapted from: http://www.vssi.com.vn/2014/11/chuoi-gia-tri-nganh-thep-viet-namva.html Currently, Vietnam's steel industry is lacking in two production stages in the steel industry value chain, which is the production of slabs (slab) and hot rolled coil (HRC) leads Vietnam have to import 100% Domestic companies have not yet made any noticeable move to invest in HRC production plants, the reason why investing in this industry requires large capital investment and high-tech workforce Investment capital in a hot rolled steel factory with a capacity of 1.2 million tons per year, produced from slab billets will cost about $ 400 million In this value chain, Vietnam only owns 40%, may not meet the regulations on the proportion of domestically produced goods according to the rules of origin in the TPP: this ratio can fluctuate from 35-55 % depends on the specific industry Therefore, after applying TPP, Japan has the advantage of supplying HRC to Vietnam Because if using Japan's HRC, Vietnam's coated steel products will reach the origin of nearly 100% of domestic production in the TPP Figure 2.1.2 Vietnam value chain in steel industry Page of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS Note Adapted from: http://www.vssi.com.vn/2014/11/chuoi-gia-tri-nganh-thep-viet-namva.html In the next few years, Formosa HT has the advantage of supplying HRC steel The year 2020 is a lucky year for Vietnam's steel sector, particularly the galvanized steel industry No one could have predicted such a significant comeback in galvanized steel demand, especially in the third quarter of 2020, from both the local and foreign markets For three years in a row, the output of galvanized steel sheet manufacture has remained steady 4.4 million tons in 2018, 4.2 million tons in 2019, and 4.4 million tons in 2020 In addition, Vietnam's galvanized steel products have a prominent international presence, with annual exports of 1.4-1.75 million tons earning over one billion dollars and helping to the reduction of the iron trade deficit Every year, around billion dollars are spent on steel Page of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS 2.2 Economic Factors Vietnam's economy has been overgrowing for several years The increasing development of steel demand has enticed numerous steel companies to invest in new production facilities in Vietnam Figure 2.2.1: Vietnam GDP growth rate in 2016-2020 Note Adapted from: https://baonghean.vn/gdp-cua-viet-nam-nam-2020-tang-291-thuocnhom-tang-truong-cao-nhat-the-gioi-279705.html In 2020, Vietnam's GDP growth rate will be 2.91 percent, relatively high in Southeast Asia The relationship between the increase in steel consumption and GDP growth is apparent, which entails requirements for developing and constructing infrastructure, roads, traffic, housing, and real estate to meet development needs Therefore, the growth in high construction leads to an increase in steel demand Moreover, Vietnam has low-interest rates in 2020 reported at 6,2729 Vietnam's steel consumption per capita is at 149.7kg/person in 2010 By 2019, the average steel consumption per capita has increased to 241kg, ranking 4th among the countries ASEAN countries Page of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 Figure 2.2.2: Vietnam's per capita crude steel consumption ranks in four in ASIAN (2018) Adapted Note from: https://www.spglobal.com/platts/zh/market-insights/latest- news/metals/101119-analysis-aseans-2019-2020-scrap-needs-to-grow-amid-steel-glutconcerns Balanced development Vietnam's steel industry in recent years has developed relatively quickly Vietnam has high potential for export growth Despite the COVID-19 pandemic, Vietnam exported 9.86 million tons of steel worth $5.26 billion in 2020, up 47.9% over the same period last year In the 2016-2020 period, Vietnam's economy has always maintained macroeconomic stability, average inflation increased by 3.15%/year, lower than the 4% target set by the National Assembly Inflation pressure will cool down from August to December 2021 thanks to a decrease in the CPI of the food group and keeping the forecast of the average CPI in 2021 increasing by 2.9% over the same period In particular, construction steel price carried an uptrend in the context of the price of input materials such as iron ore, steel billet, scrap, and transportation costs continued to increase Page 10 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS 2.3 Production Situation Although the unexpected pandemic made the situation difficult for the steel industry, the case has been improving as the government's control of the health crisis and the prime minister's drastic directions sped up public investment Steel production of all kinds hit 2.45 million tons in November, rising 4.34 percent month over month and 15.6 percent year over year In addition, sales were 2.45 million tons, a significant rise of 36.9% over October In 2020, Vietnam's steel industry has risen to 14th place in the world This is a very good step forward on the world steel industry map, Vietnam's crude steel production has reached a very high level of 19.5 million tons/year Figure 2.3.1 Steel production in 2020 Note Adapted from: https://vir.com.vn/support-recovery-for-the-steel-sector-81622.html In terms of crude steel, steel companies in Vietnam produced 3,192,000 tons during this time, up 28% from the same period in 2020 Consumption increased by 35% year on year to 3,126,000 tons When it comes to construction steel, both manufacturing output and consumption have declined since January 2021 and the same period in 2020 but this increased somewhat in the first two months of 2021 compared to the same period last year Page 11 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS The Covid-19 pandemic has had a minor influence on Vietnam's steel output Still, it has had a considerable impact on other nations, providing the opportunity for Vietnamese manufacturers to extend their market share, especially in the EU, China and Thailand Figure 2.3.2 Vietnam’s steel export volume, by country (tons) Note Adapted from: https://hanoitimes-vn.translate.goog/vietnam-steel-export-in-2021-set-togrow-further-316030.html?_x_tr_sch=http&_x_tr_sl=en&_x_tr_tl=vi&_x_tr_hl=vi&_x_tr Then, in the export field, according to the General Department of Vietnam Customs, Vietnam exported 9.86 million tons of steel and received $5.26 billion in 2020, representing a growth of 47.9% and 25% year over year Furthermore, according to World Steel, 1.65 billion tons of crude steel will be produced this year, with production rising by 3.8% to 1.71 billion tons in 2021 Figure 2.3.3 Steel export growth, by segment Page 12 of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 Note Adapted from: http://m.hanoitimes.vn/vietnam-steel-export-in-2021-set-to-grow- further-316030.html On the other hand, the total amount of iron and steel imported into Vietnam in 2020 was approximately 13.26 million tons, worth nearly $ 8.1 billion; the average price per ton was 608.4 USD Its volume, turnover, and price have all decreased by 8.9%, 15.2%, and 6.9%, respectively, when compared to 2019 2.3 Main Businesses In the first half of 2020, due to the impact of the Covid-19 pandemic Having many members of the Vietnam Steel Association (VSA) experienced a decrease in revenue However, the market started to have positive changes in the second half of 2020 that prominent businesses gain profit back First of all to mention is Formosa Ha Tinh Steel Corporation The company's total sales in the first quarter of 2021 were 1,094 million dollars, up 56 percent over the same period in 2020 Sheet billet, large plate billet, and small plate billet output totaled 1,627 thousand tons, an increase of 17% over the same year Page 13 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS Secondly, Hoa Phat Group is one of Vietnam's leading industrial manufacturing conglomerates Hoa Phat Group is Vietnam's most significant construction steel and steel pipe maker, with market shares of 32.5 percent and 31.7 percent, respectively, with a capacity of over million tons of steel of all kinds Last but not least, Hoa Sen Group Joint Stock Company was the first private company in Vietnam to develop a cold-rolled steel plant Hoa Sen Group expects to sell 1.8 million tons of steel of all kinds in 2021, up 11% from the previous year CHAPTER 3: COMPETITIVE ADVANTAGES OF STEEL INDUSTRY 3.1 Factor of Production 3.1.1 Steel Production The general technology level of Vietnam's steel industry is not high but most steel factories in our coutry perform the final stage of rolling steel as pushing the advantage Some enterprises with geographical advantages such as Thai Nguyen exploit ore and produce steel by blast furnace technology Some enterprises established in recent years scrap steel and use electric arc furnace to produce billet and steel Although the highest furnace in Vietnam is only 500 m3 like Thai Nguyen steel, this still produce the suitable amount of production to meet the demands In Vietnam, most of the scrap steel is used to produce billets and completely square billets to make construction steel Domestic production of square billet can meet about 50% of steel rolling demand, the remaining 50% is from imported sources So, domestic steel prices not fluctuate too much with the world billet prices Page 14 of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 3.1.2 Labor Resources Steel industry is increasingly scale up and tend to attract more labor force that the labors can promote their careers and get higher standard of living The human resource of the Steel industry currently accounts for 2.8% of the total labor force of the industry High skilled workers of Vietnam in steel industry can be seen as relatively high proportions A survey at the Vietnam Steel Corporation shows that 3,100 workers with a university degree or higher (2,300 men, 800 women), accounting for over 18% of the total workforce and highly skilled workers is 3,300 people, accounting for nearly 20% of the total number of employees of the Corporation Among workers with professional qualifications from university or higher, the proportion of workers with university degrees is 98.77% - accounting for the vast majority The quality of human resources in the steel industry for many years always focused right from the selection of input human resources for production 3.2 Demand Conditions 3.2.1 Global Demand Strong steel demand from the EU and North America will be the main driver of export volume growth in 2021 The main reason comes from the fact that the steel mills of the main exporting countries to these markets have not returned to full operation, giving Vietnam the opportunity to participate in the market The EU-Vietnam Free Trade Agreement (EVFTA) has helped Vietnamese steel products to be present in EU market In particular, the EU imposed steel import quotas on Turkey and China, creating a great demand for Vietnam coated steel sheet since Q2.2020 Besides, the domestic steel price is maintained at a lower level than the world, which is a big advantage, leading to increased demand Page 15 of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 Table 3.2.1.1 High demand for steel worldwide (unit: million tons) Nation China India USA Japan South Russia Germany Turkey VN Mexico Korean 2020 995 88.5 80 52.6 49 42.5 31.1 29.5 23.3 21.7 2021 Forecast 1024.9 106.1 86.5 56 51.5 43.8 34 35 24.5 23.4 2022 Forecast 1035.1 90.2 558.8 52.8 45.1 35.8 37 26.3 24.6 112 Note Created by the authors through data collected from World Steel 3.2.2 Domestic Consumption Now the epidemic has been gradually controlled, promising that domestic steel consumption will increase positively again The table below will show the amount of domestic steel consumption through years Table 3.2.2.1 Domestic steel consumption (unit: million tons) Domestic steel consumption 2017 2018 2019 2020 6T2020 6T2021 6T YoY Million tons 14.32 17.07 18.57 18.71 8.55 10.68 25% Note Created by the authors through data collected from Fiinpro, synthesized DSC Page 16 of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 Although the disbursement progress for public investment is still slow, many construction projects are still stagnant, but the domestic consumption of steel in the first months of 2021 period increased by 25% to 10.68 million tons, which is a very optimistic signal for the steel market 3.3 Supporting Industries Steel industry is the backbone industry of Vietnam in the process of building and developing the country, especially in the current period The steel industry not only contributes a large amount of income to the economy with an estimated profit of 1659 billion VND, but also an extremely important input for other industries, especially the construction industry Especially with the rapid growth of the steel industry (up to 25 to 30% a year on average from 1995 to present), the steel industry has contributed greatly to the economic restructuring process towards increasing the proportion of industry and services and reducing the proportion of the agricultural sector 3.4 Strategies and Competition 3.4.1 Strategies In the context of the global Covid-19 pandemic, the development efforts of Vietnam's steel industry have made a particularly important contribution to the country's industrialoriented development and modernization Besides, the industry also makes an important contribution to the process of transformation and urbanization of the country, affecting many aspects to the socio-economic development The Vietnamese steel industry can develop strategy: building a Vietnamese steel brand commensurate with its scale, encouraging new investors to invest in the iron and steel production complex in coastal areas, having a deep-water port, inheriting achievements in the steel production industry, promoting development in the direction of "taking a shortcut", Page 17 of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 applying new technologies, meeting the needs in construction, and meeting important input materials for the mechanical engineering industry, etc 3.4.2 Competition 3.4.2.1 Competition among Domestic Enterprises Competition among domestic enterprises has begun to increase since the end of 2019 Vietnam with good disease control, is the only unit with positive growth in the region, with the advantage of geographical location, low labor costs are attracting strong FDI inflows The demand for investment in factories and industrial parks is increasing sharply, leading to an increase in the demand for construction steel that leads the industry to promote 3.4.2.2 Competitive Advantages over China Until now, Vietnam's steel industry has always faced fierce competition from Chinese steel because this market has the advantage of large-scale production However, with the current rising coal price, Vietnamese steel has great competitiveness in the market due to cheaper production costs than China Since China imposed unofficial sanctions on Australian coal in mid-2020, China has faced supply shortages, increasing steel production costs Currently, in the context of a sharp increase in coal prices and high-power generation costs, the price of BOF Vietnam steel mainly using coke imported from Australia seems to have a slight cost advantage compared to steel using technology EAF furnaces Moreover, China is facing the problem of reducing the proportion of BOF technology in steel production while ensuring enough output for consumption demand Therefore, Vietnamese steel has a great advantage Page 18 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS CHAPTER 4: CONCLUSION 4.1 Summary In recent years, Vietnam's economy has flourished Despite facing numerous challenges as a result of the Covid-19 epidemic's convoluted evolution, the steel sector grew at a healthy rate in 2020 However, the steel industry currently faces stiff competition from imported steel, which has a solid foothold in the Vietnamese market Vietnam has significant export development potential Steel production has risen steadily over time Each type of steel has a different consumption pattern, but total consumption has increased in 2021 The Covid-19 epidemic has had a small impact on steel production in Vietnam Nonetheless, it has had a significant impact on other countries, allowing Vietnamese firms to expand their market share, particularly in the EU, China, and Thailand Although Vietnam's steel industry does not have a high degree of technology, most steel companies in our country perform the last stage of rolling steel as a pushing advantage The steel business is growing and attracting more workers so that they can advance in their careers and have a better quality of living Steel export volume growth will mostly be driven by strong steel demand from the EU and North America Steel consumption in the United States grew, signaling a bright future for the steel industry Furthermore, as Chinese steelmakers' competitiveness deteriorates, Vietnamese companies may find new chances in overseas markets, as well as larger earnings in their own market The steel industry's development efforts have made a significant contribution to Vietnam's industrial-oriented development and modernization, which necessitates the development of strategies for the Vietnamese steel industry to obtain competitive advantages, not only among domestic enterprises but also in international competition Page 19 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS 4.2 Assessment 4.2.1 Advantages With a definite recovery in the steel industry in the latter months of 2020, it is expected that the steel industry will have a favorable outlook in 2021, with steel demand expected to rise due to macroeconomic recovery, a strong investment wave, and a heavy focus on infrastructure In addition, in light of opportunities from international economic integration, particularly the execution of trade agreements, the elimination of a number of barriers will assist Vietnamese steel companies in expanding their export markets Besides, the import of raw materials from countries in the bloc that have signed FTAs will also help Vietnam benefit from price The steel industry not only contributes a large amount of income to the economy, but also an extremely important input for other industries The development efforts of Vietnam's steel industry have made a particularly important contribution to the country's industrialoriented development and modernization that requires to develop strategies for the Vietnamese steel industry to gain competitive advantages Vietnamese steel industry has competitive advantages in production, labor force, both domestic consumption and global demands as well as the price advantage over China – a big direct competitor 4.2.2 Disadvantages At present, the steel industry is also facing many difficulties due to the Covid-19 epidemic, similar to the general situation of the global steel industry Page 20 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS Many countries have applied social distancing measures to limit the spread of the Covid-19 epidemic, disrupting supply, while production activities are stalled, leading to demand for products from iron and steel slowed down, prices fell The steel production lines still have to maintain continuously and stably, but due to the complicated developments of the COVID-19 epidemic, the supply and demand imbalance in the market has been disrupted Since the outbreak at the end of April 2021 until now, the COVID-19 epidemic situation has been complicated, many localities across the country have implemented social distancing Therefore, basic construction from industrial to civil has stopped, domestic steel consumption has decreased sharply In this scenario, the adjustment and lowering of import taxes on domestic steel products will result in a flood of foreign steel, jeopardizing the production operations of domestic firms already struggling 4.2.3 Recommendations In order to seize the opportunities, steel companies must continue to actively monitor the market and demonstrate their competitiveness through product reorganization to secure long-term growth They must be aware of the importance of improving productivity, technology, improving qualifications and skills of employees, working environment Furthermore, the state must have a comprehensive plan and strategy for developing the steel sector, which includes limiting the creation of new construction steel plants and encouraging businesses to invest in technologies to bring to market high-quality special steel goods market In addition, it is necessary to thoroughly solve the domestic supply-demand imbalance, create a competitive position in the international market, and avoid getting entangled in unnecessary trade remedy lawsuits From there, it will contribute to quickly helping to build a Page 21 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS synchronous and modern steel industry, creating an equal business environment for enterprises to expand their domestic and export market share TOTAL WORDS COUNT: 3347 (From the beginning of Chapter to the end of Chapter 4) Page 22 of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 REFERENCES Co Khi Ngai Cau, (2020) Góc nhìn tổng quan ngành thép năm 2020 [online] Available at: https://cokhingaicau.vn/goc-nhin-tong-quan-nganh-thep-nam-2020/ [Accessed 20 Oct 2021] Đào, D (2021) Dịch Covid-19: Ngành thép tăng trưởng nhờ xuất [online] Vietnam News Agency Available at: https://ncov.vnanet.vn/tin-tuc/dich-covid-19-nganh-thep-tangtruong-nho-xuat-khau/bcb56822-1e68-4027-8691-03456cd9d683 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https://vietnamcredit.com.vn/news/steelcompanies-in-vietnam-to-export-over-1-million-tons-of-steel-in-the-first-two-months-thisyear_14335 [Accessed 23 Oct.2021] 11 VietnamCredit, (2021) Top 10 largest steel companies in vietnam in 2021 [online] Available at: https://vietnamcredit.com.vn/news/top-10-largest-steel-companies-in-vietnamin-2021_14433 [Accessed 23 Oct.2021] 12 DSC Securities, (2021) Báo cáo cập nhật ngành thép Q2.2021 [pdf] Available at: https://www.dsc.com.vn/dnsc-data/dnsctuvan/B%C3%A1o%20c%C3%A1o%20c%E1%BA%ADp%20nh%E1%BA%ADt%20ng% C3%A0nh%20Th%C3%A9p.pdf?_t=1628235947 [Accessed 20 Oct.2021] 13 Han, N (2021) Steel Demand Outlook 2020-21 [pdf] OECD Available at: https://www.oecd.org/industry/ind/Item_4b_Worldsteel.pdf [Accessed 20 Oct.2021] 14 Minh, P (2021) Giá thép tăng cao, hệ lụy từ toán cung – cầu [online] Báo điện tử Đảng Cộng sản Việt Nam Available at: https://dangcongsan.vn/cung-ban-luan/gia-thep-tangcao-he-luy-tu-bai-toan-cung-cau-580352.html [Accessed 20 Oct.2021] Page 24 of 25 INS2005 – INTERNATIONAL ECONOMICS GROUP 09 15 Phan, T (2021) Bộ Công Thương trả lời giá thép tăng cao [online] Báo điện tử Chính phủ nước Cộng hịa Xã hội chủ nghĩa Việt Nam Available at: http://baochinhphu.vn/Thitruong/Bo-Cong-Thuong-tra-loi-ve-gia-thep-tang-cao/430217.vgp [Accessed 20 Oct.2021] 16 Hoàng, A (2021) Worldsteel: Nhu cầu thép giới tăng trưởng mạnh mẽ, trừ Trung Quốc [online] Vietnambiz Available at: https://vietnambiz.vn/worldsteel-nhu-cau-thep-thegioi-se-hoi-sinh-manh-me-tru-trung-quoc-2021101511042046.htm [Accessed 20 Oct.2021] 17 Nguyen, D (2021) Steel industry expected to recover this year [online] VnExpress Available at: https://e.vnexpress.net/news/business/industries/steel-industry-expected-to- recover-this-year-4242893.html [Accessed 20 Oct.2021] 18 Mạnh, Đ (2021) Việt Nam nhập 3,7 tỷ USD sắt thép tháng đầu năm 2021 [online] VnEconomy Available at: https://vneconomy.vn/viet-nam-nhap-khau-3-7-ty-usd-satthep-trong-4-thang-dau-nam-2021-646959.htm [Accessed 20 Oct.2021] 19 Thanh, T (2021) Thép Việt Nam có lợi cạnh tranh lớn chi phí sản xuất, nguyên liệu rẻ Trung Quốc [online] Nhà báo & Công luận Available at: https://congluan.vn/thep-vietnam-co-loi-the-canh-tranh-lon-do-chi-phi-san-xuat-nguyen-lieu-re-hon-trung-quocpost146861.html [Accessed 20 Oct.2021] 20 Châu, A (2021) Cơ hội thách thức ngành thép Việt năm 2021 [online] CafeLand Available at: https://cafeland.vn/tin-tuc/co-hoi-va-thach-thuc-cua-nganh-thep-viet-nam-202196954.html [Accessed 20 Oct.2021] Page 25 of 25 ... positive growth in the region, with the advantage of geographical location, low labor costs are attracting strong FDI inflows The demand for investment in factories and industrial parks is increasing... year Page 11 of 25 GROUP 09 INS2005 – INTERNATIONAL ECONOMICS The Covid- 19 pandemic has had a minor influence on Vietnam's steel output Still, it has had a considerable impact on other nations,... most steel companies in our country perform the last stage of rolling steel as a pushing advantage The steel business is growing and attracting more workers so that they can advance in their careers