Vietnam’s finished steel production is expected to reach 30 mln tons this year, a 7pct increase from last year, according to the Ministry of Industry and Trade (MoIT). However, the sector faces challenges, including oversupply, rising imports, and global market instability. Domestic steel products are plentiful, while imports intensify price competition. Additionally, high international shipping costs and market volatility further strain the industry.
Despite these issues, Nguyen Van Sua sees some positives, such as a typical year-end recovery driven by the construction season. The MoIT’s recent move to investigate and possibly impose anti-dumping measures on certain imports may improve market fairness. Sua emphasized the need for state support in trade defense and urged companies to enhance product quality and competitiveness.
In the first seven months, finished steel production reached nearly 17 mln tons, up 9.4pct YoY. Coated and prepainted steel saw a 29.2pct increase, construction steel grew by 14.6pct, and HRC by 2.9pct. Finished steel consumption rose by 14.3pct to 16.75 mln tons.
Steel exports totaled nearly 4.9 mln tons, up 6.8pct. CRC led with a 40.6pct increase, followed by coated and prepainted steel and construction steel. Exports of steel pipes and HRC declined by 1.2pct and 0.8pct, respectively. The Vietnam Steel Association (VSA) anticipates a positive market recovery later in the year, supported by growth in industrial production and new real estate and land laws.
