22/04/2024
STEEL INDUSTRY | OPTIMIZING TECHNOLOGY - A MUST TO PROMOTE EXPORT TO EU
Vietnam aims to enhance its steel exports to the European Union (EU) by adhering to EU quality standards and optimizing technology while facing challenges such as safeguard measures and the carbon border adjustment mechanism (CBAM). The CBAM imposes a carbon tax based on emissions intensity, requiring Vietnamese steel manufacturers to reduce carbon emissions. To comply, they must follow environmental regulations and invest in green energy and technology. Additionally, the EU has maintained safeguard measures on steel imports until June 2024. Vietnam must keep its exports below a set quota to avoid a 25% import tax on excess volumes. The Vietnam Steel Association suggests government support for upgrading production techniques and imposing trade remedies to counter low-quality steel imports. Despite challenges, the steel industry is predicted to experience slight recovery in 2024.
Source: vietnamnews.vn
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Chinh Dai Industrial Co., Ltd
Add: Lac Dao Commune, Van Lam District, Hung Yen Province, Vietnam
Tel: (+84) 968 246 295
Email: [email protected]
Website: https://www.chinhdaisteel.com/en/