The Son Ha International Joint Stock Company has doubled its exports of stainless steel pipe to the US.
The company said 95 percent of its exported stainless steel pipe was to the US market.
“In the first half of this year, we exported nearly 2,000 tonnes of stainless steel pipe which worth 145 billion dong ($7.6 million), 95 percent of which was to the US, doubling the amount in the same period last year,” company export department official Ta Tuan Anh said.
He said the US Department of Commerce had imposed anti-dumping duties on steel pipes from China, the biggest supplier to the US, which increased the tax from 3 percent to 33 percent, making it less competitive.
The company also gained Pressure Equipment Directive accreditation to export stainless steel pipe to the US, which gave it a further edge.
Besides the US market, the company is also exporting stainless steel pipe to Brazil, Singapore and Argentina.
It has targeted $10.5 million from stainless steel pipe exports this year and plans to develop its exports to the EU and Southeast Asian markets. The company made an IPO of 4 million shares on the HCM City Stock Exchange late last week. It expected to generate 85.44 billion dong ($4.5 million), at an average price of 21,359 dong.