Vinlong Stainless Steel (Viet Nam) Co., Ltd (Vietnam)

Being wholly owned by Vinlong Stainless Steel Co., Ltd, Vinlong Stainless Steel (Viet Nam) Co.,Ltd specializes in producing and processing kinds of stainless steel pipe supplying for construction projects. Finished products are mainly exported to foreign markets such as North America, USA, Colombia, Belgium, Philippines, Australia, Taiwan, Luxembourg, Italy... According to the forecast of the Vietnam Steel Association (VSA), the steel market will increase demand for manufactured steel, high-strength steel, stainless steel and diversify in shapes, sizes and steel grades in the future. Nevertheless, the National technical regulation on stainless steel (QCVN 20:2019/BKHCN) issued by the Ministry of Science and Technology (referred to as Regulation 20) (take effect on 01 Jan 2023) has created difficulties for stainless steel businesses in Vietnam. With this regulation, most input materials for the stainless steel industry are forced to meet national standards, international standards, other national standards and are not allowed to apply basic standards. However, this has caused a loss of product diversity, losing Vietnam's ability to compete and export this product. In addition, the market for stainless steel raw materials, consumer and industrial products are also affected. Many stainless steel manufacturers have recommended either repealing this regulation or making appropriate adjustments. The price of steel input materials in steel production such as iron ores and cokes has tended to slightly increase, affecting input production costs. However, the recovery in steel price is expected not to be supported much by an increase in input production costs. This incident is attributed to the fact that the consumption market is not optimistic. In domestic market, the real estate market has not recovered due to a prolonged economic crisis. In foreign markets, the geopolitical tensions (most recently between Hamas and Israel) are forecasted to make the global economy hard to recover by the end of 2023. USA and EU countries will continue to be affected by persistent inflation pressure with weakened purchasing power.