News about imports

VinMetal, part of Vingroup, has signed a contract with Italy's Danieli & C. Officine Meccaniche S.p.A. to supply core equipment for the rail and section steel rolling line at its Hà Tĩnh steel complex. Under the contract, Danieli will design, manufacture, supply and commission equipment for a line with capacity of over 700,000 tonnes per year. Danieli has more than 100 years of experience, has delivered over 1,000 projects, and has supplied technology to rail producers such as Voestalpine and Mechel. The products are aimed at high-speed rail, urban rail, bridges, ports and logistics projects, helping secure domestic supply and reduce reliance on imports. The Vũng Áng Economic Zone complex is designed to reach about 6 million tonnes per year in phase 1, with plans to expand to 20 million tonnes per year in phase 2.

European Commission President Ursula von der Leyen said the EU will propose further measures to curb imports from China, on top of an agreement to halve hybrid vehicle shipments to Europe, to reduce a goods trade deficit of more than 1 billion euros (US$1.12 billion) a day. EU leaders backed the move, and French President Emmanuel Macron said the bloc should focus on chemicals, plastics and ferrous alloys. The Commission plans to propose a new tool in December that would allow restricting access to the single market, along with a solidarity mechanism to support countries or industries facing unfair treatment or retaliation. Last year the goods trade deficit with China was 360 billion euros (US$410 billion), while total trade including services reached 880 billion euros (nearly US$1,000 billion).