Vietnam’s Steel Industry Grows in 2024, Targets 8–10% Output Hike in 2025

Vietnam's steel sector posted solid growth in 2024 and is expected to maintain this momentum into 2025.

Production:

Finished steel output rose 7% year-on-year to nearly 30 million tonnes.

Crude steel production climbed 14%, hitting around 22 million tonnes.

Key product gains included:

Cold rolled coil: +25%

Construction longs: +13.9%

Zinc/aluminium-zinc coated steel: +12%

Steel pipes: +9.4%

However, hot rolled coil production dropped 10.2%.

Trade:

Imports of finished steel surged by nearly 33% to over 17 million tonnes.

Exports of finished steel increased 12%, reaching roughly 13 million tonnes.

Crude steel exports jumped 55% to 2.8 million tonnes.

2025 Outlook:

Finished steel production is forecast to grow 8–10%, reaching about 31 million tonnes.

Domestic consumption is projected to rise 4.5%, to between 24.5 and 25 million tonnes.

While growth is backed by infrastructure development and a strong domestic economy, the sector must navigate overcapacity issues, trade risks from Western markets, and regional geopolitical uncertainties. Vietnam's steelmakers are also beginning to adopt cleaner technologies in line with national carbon neutrality goals.