Hyosung, South Korea's leading power transformer producer, is expanding long-term operations in Vietnam because it sees 100 years of successful sustainable development in the future here, the company’s chairman said.

According to the Vietnam Commodity Exchange (MXV), in the second quarter, the increase in the price of raw materials for the steel manufacturing industry may slow down, contributing to stabilizing steel prices after continuously increasing since the beginning of the year. now.

LG Innotek, a producer of core components for mobile devices, automotive displays, and semiconductors, will invest $1 billion into building a new manufacturing facility for advanced smartphone camera modules and other optical products in the northern port city of Haiphong.

Despite the upgrade, economic conditions will hamper growth in steel consumption this year, which is due to reach 1.822 billion tonnes after declining by 3.2% in 2022, World Steel Association said.

In the long term, according to VSA, Vietnam's steel demand will continue to grow from 240kg per capita to 290kg per capita in 2030. Steel demand will be concentrated on alloys or high-quality steel.

What will Vietnam lose and gain when attracting FDI if it applies the global minimum tax proposed by the Organization for Economic Co-operation and Development (OECD)?