Retail News CRM

Tag: aluminum

  • Vietnam aluminum mining to increase exponentially

    Vietnam aluminum mining to increase exponentially

    The government plans to mine for bauxite, the ore used to produce aluminum, at three new locations in the north.

    It plans to develop by 2030 one site in Lang Son Province and two in Cao Bang, the Ministry of Industry and Trade said Wednesday.

    Their combined capacity will be within 1.55-2.25 million tons of ore annually.

    Besides, at least two existing mines in Lam Dong Province in the Central Highlands will be upgraded to increase production.

    The government will also explore the possibility of mining 68-112.2 million tons of bauxite annually in four central highlands provinces.

    At 5.8 billion tons, Vietnam has the world’s second-largest bauxite reserves behind only Guinea (7.4 billion), according to the U.S. Geological Survey.

    The majority of bauxite in Vietnam is found in the Central Highlands, especially Dak Nong Province.

    Lees ook:

  • Chinese company to build aluminum factory in Vietnam

    Chinese company to build aluminum factory in Vietnam

    Innovation Precision Vietnam, a unit of a Chinese manufacturer, has received licenses to build a $165 million aluminum factory in the central province of Nghe An.

    The company, a subsidiary of aluminum products manufacturer Shandong Innovation Metal Technology, will build a plant with the capacity to produce 100,000 tons of aluminum a year, according to Nghe An’s People’s Committee.

    It is set to begin operations in October next year and will create 1,500 high-skilled jobs.

    Innovation Precision Vietnam received all its licenses within only two months of its representatives first entering the province to consider investing.

    This will be the first plant that Shandong Innovation Metal Technology has built outside of China.

    Shandong was established in 2002 and is among the 500 biggest manufacturers in China.

    Lees ook:

  • Vietnam suspects $4.3 bln worth of aluminum imported for origin fraud

    Vietnam suspects $4.3 bln worth of aluminum imported for origin fraud

    Vietnamese authorities suspect $4.3 billion worth of aluminum has been imported with the intent of being exported to the U.S. relabeled as made-in-Vietnam products.

    Vietnam Customs recently discovered signs of origin fraud in 1.8 million tons of aluminum imported by Global Vietnam Aluminum Ltd in the central Ba Ria-Vung Tau Province.

    General Director of Customs Nguyen Van Can say at a press briefing Monday that although the company has a production chain to produce aluminum bars, it was still importing billions of dollars worth of the same products from China and other countries, possibly because it wants to gain from the different duties the U.S. imposed on them.

    The U.S. imposes a duty of 15 percent on Vietnamese aluminum, but up to 374 percent on Chinese aluminum.

    Apart from China, the company also imported aluminum from Mexico, Australia and Russia to be exported to Canada, the U.S., Egypt and India.

    However, data from Vietnam Customs show that although the company has been importing 488,000 tons a year since 2015, the volume of its exports is only 80,000 tons or 16.3 percent of imports.

    For this reason, the 1.8 million tons of aluminum remain in the company’s storage space and is being closely surveilled by Vietnam Customs.

    Vietnamese authorities are increasing scrutiny on product origins and tightening issuance of a certificate of origin for exports as part of efforts to stop trade fraud, Deputy Minister of Trade and Industry Tran Quoc Khanh said in July.

    Vietnam recorded a trade surplus of $37.9 billion with the U.S. from January to October, up 33.4 percent year-on-year, according to the General Statistics Office.

    Lees ook: