The UK is a market with skyrocketing growth in Vietnam's iron and steel imports within the EU. Customs data show that in August, Vietnam imported 1,011 tons of iron and steel of all kinds from the UK, worth 487,224 USD, an increase of 12 times in volume and more than double in output compared to the same period last year.

Accumulated in the first 8 months of the year, Vietnam spent more than 1.3 million USD importing 2,155 tons of iron and steel from this market, an increase of 240% in volume but a decrease of 16.3% in value.

The reason for the decrease in value is due to the record price drop of imported steel from the UK. On average in 8 months, steel price reached 613.6 USD per ton, down more than 75% compared to the same period in 2022.

In addition to the UK market, China is still the largest iron and steel supplier to Vietnam, accounting for more than 57% of the proportion. In August, Vietnam imported from this country more than 834,000 tons of iron and steel of all kinds, equivalent to more than 536 million USD, an increase of over 140% and 55% respectively over the same period last year.

In the first 8 months of the year, China exported more than 4.5 million tons to Vietnam worth 3.3 billion USD. Followed by Japan with 16.1% and South Korea with 8.9%.

Accumulated in 8 months, Vietnam spent 6.5 billion USD to import 7.9 million tons of iron and steel of all kinds, down 3.3% in volume and more than 26% in value compared to the same period in 2022.

According to experts, in the fourth quarter, the promotion of public investment, key transport infrastructure projects, and social housing projects will increase domestic demand for iron and steel.