Maruichi Sun Steel Joint Stock Company (Vietnam)

Established in 1996, Sunsco is the first iron and steel company with 100% foreign investment in Vietnam.As a subsidiary of Maruichi Steel Tube Ltd, Sunsco is a member of Maruichi Group. With modern technology lines and JIS (Japanese standard) quality management system, Sunsco engages in manufacturing and trading steel coil products and steel pipe & tube products. The company's products are mainly used for construction and civil works, household tools, bicycle and motorcycle parts, and other industries. In addition to the domestic market, it also exports products to foreign countries for consumption.In 2008, Sunsco established Maruichi Sun Steel (Hanoi) Company Limited - a subsidiary company specializing in the production of technical sections for the automobile and motorcycle manufacturing industry. Honda Vietnam, Yamaha Vietnam…are some of its customers.According to data published by the Vietnam Steel Association (VSA), steel production and consumption in the first 6 months of 2023 continued to decline by 20.9% and 17.5%, respectively, compared to the same period in 2022. Meanwhile, imported steel was still "massively" flooding into Vietnam. In particular, steel from China alone accounted for 54.17% of total imported steel output... Regarding the cause of the fall in steel production and consumption, VSA said due to slow consumer demand. Furthermore, domestic steel enterprises also had to compete with cheap steel from China when this country continuously lowered export steel prices. It is forecast that from now until the end of the year, steel consumption will still be poor and there may be many more price reductions.