Posted on 26 Jan 2024
Vietnam exported more steel in 2023 on-year, reversing the decline in the previous year. EU and India are the main drivers.
Vietnam exported 11.1 million tonnes of iron and steel in 2023, up 32.6% on-year, after falling 35.9% on-year in 2022. Italy, Belgium and Spain combined accounted for over 22% of the volume. The three countries saw volumes grow rapidly, following skyrocketing Indian volumes.
However, as the EU started to implemented the EU Carbon Border Adjustment Mechanism (CBAM) in last October, Vietnam's steel flow to EU might be impacted if steelmakers there do not lower greenhouse gas emissions in the coming years, Kallanish understands.
According to the Energy Conservation Research and Development Center of Vietnam, the average greenhouse house gas emission of Vietnam's steel industry is around 23% higher than the world average. The Vietnamese government targets net zero-carbon emissions for industrial and commercial sectors in 2050.
Source:Kallanish
