Vietnam’s production of iron, steel, and cast iron increased by 6.8 percent in December compared to November, according to Vietnam’s Industrial Production Index.
Year-on-year, the sector grew by 5.6 percent in December compared to December 2023. For the full year of 2024, cumulative growth reached 9.5 percent compared to 2023, reflecting consistent progress throughout the year.
The significant monthly growth highlights rising demand for steel and iron products in construction and manufacturing after a challenging few years for the construction industry on the back of the housing crisis in 2022 and the flood of cheap steel into the country from other parts of the world.
Iron and steel production plays a crucial role in Vietnam’s industrial economy, driven by domestic construction and infrastructure projects as well as exports to key markets. Investments in modernisation, sustainability, and efficiency have strengthened Vietnam’s position as a reliable supplier in the global steel industry.
The strong growth in 2024 underscores the importance of the iron and steel sector in Vietnam’s industrial development and its continued potential for expansion.