Vietnam imported some 12.6 million tons of steel in the first eight months of 2016, up 27.3 percent year-on-year, according to Vietnam's Ministry of Industry and Trade (MoIT) on Thursday.

The country spent nearly 5.3 billion U.S. dollars on steel imports, up 2.1 percent year-on-year during the period, reported Vietnam Investment Review (VIR).

According to the MoIT, China's mainland accounts for some 60 percent of Vietnam's total steel import volume and some 56 percent of total import value, followed by Japan, South Korea, China's Taiwan and Russia.

The domination of Chinese steel imports in Vietnam was attributed to price competitiveness of China's steel, which stands 10 percent lower than that of domestic producers, reported VIR.

Statistics by Vietnam Steel Association showed that from January to August, Vietnam produced some 11.5 million tons of steel, up 29 percent year-on-year while consuming 9.54 million tons of steel, up 29.3 percent year-on-year.

Source : XINHUA