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According to the forecast of the steel industry at the end of the year, analyzed by VCBS, China gradually reduced its export output, causing a shortage for partners that regularly import steel from this country, opening up opportunities for surrounding countries. enter the world's largest market.
In Europe, defensive measures make it difficult for many major exporters to this market to increase output while demand shows no sign of cooling down. Obviously, this is a good business opportunity for Viet Tower, especially the production price of our company is quite competitive because manufacturers are self-sufficient in the supply of hot rolled coil.
Most recently, on November 15, the US President approved a $ 1,200 billion investment package to build infrastructure, marking the largest capital investment in the US since the Federal Aid Highway Act. Specifically, projects that need to be mobilized include USD 110 billion for roads, key transport projects, USD 66 billion for railways, USD 39 billion for public transport and 7.5 billion USD for public transport. USD for electric cars. The American Iron and Steel Institute estimates that every $100 billion of new investment in infrastructure will increase domestic steel demand by 5 million tons.
World steel demand has increased significantly since the first quarter of 2021 when a series of countries approved and accelerated the construction of infrastructure projects. This trend will continue at least until the end of the first half of 2022, thereby stimulating Vietnamese steel manufacturers to boost exports, especially to the US market. In addition, the Government of India also announced the launch of an infrastructure investment plan worth 1,350 billion USD in early August. This investment package will focus on promoting industrial production and economic growth with The focus is on expanding transport infrastructure and using cleaner fuels. This market is also an opportunity for Vietnam to export.
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