[Vietnam] Quang Ngai seeks new site for VNSteel’s high-quality steel sheet project in Dung Quat

[Vietnam] Vietnam’s steel market remained largely sideways as market participants adopted a wait-and-see approach ahead of further policy developments. Construction steel prices held at around 531 USD/tonne EXW, while HRC prices remained at approximately 515–522 USD/tonne CFR Ho Chi Minh City, with limited price movement amid cautious buying sentiment. Market participants are closely monitoring exchange-rate developments. Meanwhile, the market is also awaiting the Vietnamese government’s final decision on the proposed new tax scheme covering mineral products, including iron ore. Until greater clarity emerges on both exchange rates and the tax framework, buyers and sellers are expected to remain cautious, limiting significant price movements in the near term.

Vietnam’s Ministry of Finance has proposed changing the natural resource tax calculation method for metal minerals from an input-based approach to one based on actual output products, including primary minerals, refined ores, metals and other processed products. The proposal, included in a draft amendment to the Law on Natural Resources Tax, aims to simplify tax declaration and management while encouraging investment in deeper mineral processing and higher-value products. The Ministry of Justice’s appraisal session on August 13 called for further clarification of tax rates, taxable output and prices, as well as safeguards against companies exploiting processed-product rules to reduce tax obligations.