Vietnam’s crude steel production surpassed 18.19 million tons in the first ten months of 2024, marking a 16 percent increase compared to the same period in 2023, according to the Vietnam Steel Association (VSA). Domestic crude steel consumption and sales also climbed by 16 percent, reaching 17.8 million tons. Of this, exports contributed 2.32 million tons, a significant growth of 56 percent, driven largely by flat steel billet exports.
The production of finished steel products of all kinds reached 24.47 million tons, up 8.5 percent year-on-year. Among product categories, metal-coated and color-coated steel recorded the highest growth at 27.1 percent, followed by construction steel at 12.2 percent, steel pipes at 4.6 percent, and hot-rolled coil (HRC) at 3.2 percent. However, cold-rolled steel coil (CRC) production experienced a decline of 16.2 percent.
Sales of finished steel products matched production at 24.47 million tons, an increase of 15.6 percent over the same period in 2023. Cold-rolled coil showed the highest sales growth at 41.9 percent, followed by galvanized and color-coated steel at 35.1 percent, construction steel at 15.7 percent, and steel pipes at 6.4 percent. Conversely, HRC sales recorded a slight decrease.
Finished steel exports reached 7.12 million tons, representing a 6.2 percent rise compared to the previous year. Exports of most steel products showed steady growth, except for HRC, which saw a decline of 26.3 percent.
These figures reflect the robust performance of Vietnam’s steel industry in 2024, with increased demand domestically and globally for key steel products.