Vietnam’s rolled steel production for December 2024 is projected to be 1.52 million tons, with an estimated total of 18.55 million tons for the entire year, according to Vietnam’s General Office of Statistics. This reflects a year-on-year increase of 13.8 percent compared to 2023, indicating strong growth in the sector.
In November 2024, the country produced 1.57 million tons of rolled steel, maintaining a solid output despite a slight decrease in December.
Vietnam’s rolled steel production is an essential component of the country’s industrial growth, supporting its construction, manufacturing, and automotive sectors. The production of rolled steel, which includes hot-rolled, cold-rolled, and galvanized steel products, is primarily driven by the demand for construction materials, infrastructure projects, and machinery. As one of Southeast Asia’s largest producers of steel, Vietnam has established itself as a significant player in the regional steel market.
The country’s steel production capacity has expanded in recent years, with key players such as Hoa Phat Group, VinFast, and Formosa Ha Tinh Steel investing heavily in modern production facilities. Hoa Phat Group, the largest steel producer in Vietnam, has invested in advanced steel mills and rolling plants that produce a wide range of rolled steel products for both domestic consumption and export.
Vietnam’s steel industry relies heavily on imports of raw materials, particularly iron ore and scrap metal, which are necessary to support local production. Despite this, the industry has benefited from the government’s push to modernise infrastructure and increase domestic steel production capacity to reduce reliance on imports. The local steel industry has also benefited from government incentives, including tax policies that support domestic manufacturers and encourage infrastructure investments.
While the sector has experienced rapid growth, challenges include fluctuating global steel prices, increasing raw material costs, and environmental concerns related to energy-intensive steel production processes. To address these issues, Vietnam is investing in more energy-efficient technologies and exploring the use of alternative materials.