Which Is the Largest Steel Company in Vietnam?

In Vietnam’s industrial development landscape, the steel industry plays a pivotal role in driving infrastructure, manufacturing, and exports. The question “Which is the largest steel company in Vietnam?” reflects not only curiosity about scale but also serves as a benchmark for technological capability, reputation, and overall influence within the sector.

1. Overview of Vietnam’s steel industry

Over the past two decades, Vietnam’s steel industry has made significant strides, becoming one of Southeast Asia’s leading steel production and export hubs. This development is reflected through three key aspects: growth scale, economic role, and the trend toward sustainable innovation.

1.1 Scale and growth rate of Vietnam’s steel industry

According to the Vietnam Steel Association (VSA), crude steel output in 2024 reached nearly 21 million tons, up more than 7% year-on-year. This increase is driven by demand from infrastructure, industrial real estate, and public investment. Major plants such as Hoa Phat, Formosa Ha Tinh, and VNSteel are continuously expanding capacity, targeting exports to ASEAN, the U.S., and the EU.

1.2 The role of steel in the national economy

Steel is a strategic material, accounting for a large proportion of the GDP in the processing and manufacturing sector. Beyond civil and industrial construction, it forms the backbone of supply chains in energy, transportation, and heavy industry. In particular, the growth of structural steel enterprises such as Truong Thinh Corp has helped Vietnam integrate deeper into the global value chain.

1.3 Challenges and future trends

Despite its potential, the Vietnamese steel industry faces challenges in raw material prices, environmental standards, and FDI competition. Over the next five years, the industry’s inevitable trends will include green steel production, automation, and the application of BIM and AI in manufacturing—meeting international standards for low emissions and smart management.

2. Criteria for evaluating the largest steel company in Vietnam

A company is considered the “largest” not only by revenue but also through comprehensive indicators reflecting production capacity, technology, and brand reputation.

2.1 Annual revenue and steel output

This is a key indicator. For instance, Hoa Phat Group recorded a 2024 revenue exceeding VND 130 trillion, accounting for over 30% of the domestic construction steel market. Other major firms like Formosa Ha Tinh and VNSteel also produce millions of tons annually.

2.2 Factory scale and production capacity

Many steel enterprises own facilities covering 20,000–50,000 m², equipped with advanced production lines such as CNC cutting, automatic welding, shot blasting, and electrostatic painting. For example, Truong Thinh Corp operates two steel structure factories with a total area of 25,000 m² and a capacity of 1,200 tons per month, certified under ISO 9001:2015.

2.3 Domestic and export market share

Leading companies not only supply the domestic market but also export to more than 20 countries, including Thailand, Myanmar, Australia, and the U.S. Expanding international market share is a crucial indicator of global competitiveness.

2.4 Investment in technology and automation

From CNC Plasma and 3D Drilling to Tekla BIM and ERP systems, top steel companies are moving toward “smart factory” models. Truong Thinh Corp exemplifies this trend by applying Tekla Structures to simulate, design, and manage the entire project lifecycle.

2.5 Brand reputation and international quality standards

A leading steel company must meet multiple international certifications such as ISO 9001:2015, JIS (Japan), and AWS welding standards. Reputation is also demonstrated through partnerships with major investors like LDG Group, Co.op Mart, and Sino Bay Cambodia—all of which have collaborated with Truong Thinh Corp.

3. Top steel companies in Vietnam (Updated 2025)

The following list highlights the top-performing steel companies in Vietnam as of 2025, recognized for their production capacity, technological advancement, and export capability.

3.1 Hoa Phat Group

• Founded: 1992
• Capacity: 8 million tons/year
• Products: Construction steel, wire rod, and hot-rolled coil (HRC)
• Strengths: Integrated production chain, self-sufficient in raw materials, exporting to over 40 countries.

3.2 Formosa Ha Tinh Steel

• Investment Capital: USD 12 billion
• Overview: Largest steel complex in Southeast Asia, capacity exceeding 7.5 million tons/year
• Strengths: Produces crude steel and hot-rolled steel for heavy industry.

3.3 VNSteel (Vietnam Steel Corporation)

• Founded: 1990
• Role: State-owned enterprise with a nationwide network of factories and subsidiaries
• Focus: Construction steel, rolled steel, and shaped steel.

3.4 Tisco (Thai Nguyen Iron and Steel Joint Stock Company)

• Founded: 1959
• Overview: Vietnam’s first steel mill, closely tied to the nation’s industrialization history
• Direction: Restructuring and modernizing production lines.

3.5 Truong Thinh Corp

• Founded: 2007
• Scale: Two mechanical and structural steel plants totaling 25,000 m², with a capacity of 1,200 tons/month
• Specialization: Design, fabrication, and erection of steel structures for factories, supermarkets, shopping centers, and export projects
• Technology: Utilizes Tekla Structures, CNC Laser, 3-in-1 welding lines, and ISO 9001:2015 management
• Markets: Exports to the U.S., Australia, Thailand, Cambodia, and Myanmar
• Core Values: Reputation – Quality – Efficiency

4. Development trends of Vietnam’s steel industry (2025–2030)

From now until 2030, Vietnam’s steel industry is expected to undergo significant transformation in three main directions:

4.1 Adoption of green technology and low-carbon steel production

The Vietnamese government has committed to achieving Net Zero by 2050. As a result, steel manufacturers are investing in electric arc furnaces, waste heat recovery, and scrap recycling to reduce CO₂ emissions during the steelmaking process.

4.2 Expansion of production capacity and export markets

Major companies such as Hoa Phat, Formosa, and Truong Thinh Corp have announced plans to expand their factories and increase output by 20–30% by 2030. Their strategic direction targets high-standard markets such as the EU and Japan, emphasizing quality and sustainability.

4.3 Anticipated competition between domestic and FDI enterprises

The participation of foreign corporations from Japan, South Korea, and China will intensify market competition. However, domestic enterprises maintain advantages in market understanding, labor cost efficiency, and product customization, serving as a foundation for sustainable development.

The largest steel company in Vietnam today is defined not only by its scale but also by its technological mindset and commitment to green development. Alongside major players like Hoa Phat and Formosa, Truong Thinh Corp has emerged as a new-generation leader—specializing in industrial steel structures, meeting international standards, and expanding its reach to global markets.