Vietnam's steel industry is poised for growth in 2024 and 2025, driven by government infrastructure projects and private investments in highways, airports, railways, and smart urban areas, according to the Vietnam Steel Association (VSA). Domestic consumption is expected to rise while recovering international markets like the US, EU, and ASEAN present export opportunities despite competition from major steel producers.

In the first 10 months of 2024, Vietnam produced over 18.19 million tons of crude steel, a 16% increase year-on-year, with exports surging by 56% to about 2.32 million tons. Finished steel output reached 24.47 million tons, up by 8.5%. Key players such as Hoa Phat and Hoa Sen reported significant production growth, with Hoa Sen achieving a 1,600% profit increase in the fiscal year 2023-2024.

While construction steel and hot-rolled coil prices are expected to recover in 2025, experts warn of challenges from fluctuating input costs, international competition, and stringent environmental standards. Innovation and sustainability remain critical for long-term growth.