Government sets high targets for steel industry
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| Steel products made by Viet-Han JVC in the northern port city of Hai Phong. The country is expected to produce 15 million tonnes of steel by 2025. — VNA/VNS Photo Ha Thai |
(08-09-2007) HA NOI — The Government hopes to attract US$8 billion in investment capital for the steel industry from now until 2015, according to a decision signed by Prime Minister Nguyen Tan Dung on Tuesday.
Officials estimate that by 2015 steel demand will increase to 15-16 million tonnes, with 6-8 million tonnes produced locally. Output is expected to increase to around 15 million tonnes by 2025, with an additional $2-4 billion needed in investment capital.
"Demand has increased dramatically in recent years. This year, for example, demand could surge 20 per cent [over 2006]," said Pham Chi Cuong, chairman of the Viet Nam Steel Association.
"I believe that we can reach, even exceed, the Government’s [production] targets. So far, a number of projects [to expand capacity] have begun and I am optimistic on the industry’s development."
The Government hopes to attract much of the investment capital, which will not only go toward new mills but also upgrading existing facilities, from international and domestic loans, bonds and stocks, and foreign direct investments.
Officials also plan to equitise State-owned steel companies by issuing shares on the bourse.
Some of the bigger projects now underway including the Ha Tinh Steel Complex and Dung Quat Steel Complex in Quang Ngai Province.
Tuesday’s decision also addressed quality control measures. The Government aims to increase co-operation between domestic and international steel producers and universities.
Officials aims to eliminate ageing equipment that causes unnecessary environmental damage. Beginning 2011, all steel plants must use environmentally friendly technology.
source: VNS
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