Reports indicate that Vietnam's steel production is set to hit 30 million tons in 2024, marking a 7% increase from the previous year. While the rise in imports has led to a reduction in the domestic market share for major local steel companies, exports are experiencing growth.

The Vietnam Steel Association highlighted that despite this growth in production, the steel industry faces significant challenges due to increased competition from imported products, especially in the flat products sector.

As a result of this import competition, the domestic market share of key Vietnamese steel producers, Hoa Phat Group and Formosa Ha Tinh Steel, has dropped from 45% in 2021 to 30% in 2023.