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Vietnam asks steelmakers to cut exports as domestic prices surge

Hanoi steps to help builders struggling with high costs

A construction site in Hanoi: Steel prices have soared 50% since the start of the year.   © Reuters

HANOI -- The Vietnamese government has asked domestic steelmakers to boost production and limit exports in an effort to fight off soaring steel prices.

"We should prioritize supplies to the domestic market to ensure price stability," Deputy Prime Minister Le Minh Khai said in a statement released early this month. Such an industry intervention by a top Communist Party official is considered highly unusual.

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