Despite the strong commitments that Vietnam's PM made at COP26 2021, Vietnam still seems to lag behind in the irreversible trend of green house gas - neutralization and green development.
However, private companies feel unprecedented stress to carry out practical steps and comply with standards simply because if they don't, products can not be sold to large markets like EU or USA. You remain unchanged and you limit yourself in local and domestic markets only.
But why present is the disadvantageous for any switch or improvement. It's because since mid-2022, the steel sector had to face a crisis, yes, it's periodically but the situation was event worse because of frozen real estate lowering the demand of supply, Russia-Ukraine war rise the cost of important materials like coking coal and iron ore. The result is we see a sharp drop in profit of all companies, not to mention losses. The situation got better in 2023 but the recovery is not strong enough for any promising future. The budget for any switch or improvement will definitely another burden.
Recently I am quite surprised to hear that Nippon steel, one of the largest steel makers in the world, has announced to close one of their plant in Japan.
Binhson, 06.10.23
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