What Is the Size of Vietnam’s Steel Market?
The steel industry plays a pivotal role in Vietnam’s industrialization and modernization process. Beyond being the backbone of construction, infrastructure, engineering, and energy, steel also serves as a key indicator of national economic strength. According to the Vietnam Steel Association (VSA), the country’s total crude steel output reached approximately 27 million tons in 2024, positioning Vietnam as one of the top three steel-producing nations in Southeast Asia, after Indonesia and Thailand. With strong investment trends in infrastructure and industrial manufacturing, Vietnam’s steel market is expanding rapidly, providing a solid foundation for companies such as Truong Thinh Corp to enhance their capabilities in structural steel and industrial fabrication.
1. Current market size (Updated figures)
Reports from the World Steel Association and VSA estimate that Vietnam’s steel market was valued at nearly USD 20 billion in 2024, with an average annual growth rate of 6–8% between 2020 and 2025. Construction steel accounts for over 60% of total domestic consumption, followed by hot-rolled coil (HRC), steel pipes, and fabricated steel. Driven by demand from infrastructure, energy, and heavy industrial projects, Truong Thinh Corp has witnessed a significant increase in demand for structural steel, especially in factory, warehouse, and renewable energy projects.
1.1 Domestic steel production and consumption
Vietnam primarily produces two main steel categories: crude steel and rolled steel. In 2024, crude steel output reached around 27 million tons, while HRC and cold-rolled steel exceeded 10 million tons. Demand surged across the residential, industrial construction, and export sectors. In the field of structural steel, Truong Thinh Corp provides international-standard products serving both domestic and overseas markets — enhancing the competitiveness of Vietnam’s steel industry.
1.2 Steel imports and exports
Vietnam’s steel exports reached over 9 million tons, worth USD 7.8 billion in 2024, up nearly 12% year-on-year. Major export destinations include ASEAN, the U.S., the EU, and the Middle East. However, Vietnam still relies heavily on imported materials such as iron ore, steel billets, and HRC. In this context, domestic players like Truong Thinh Corp are accelerating localization efforts and production optimization to reduce import dependency.
2. Key factors affecting Vietnam’s steel market size
The scale of Vietnam’s steel market is influenced by several macroeconomic factors:
- Public investment and infrastructure development as key growth drivers.
- Inflows of FDI into industrial zones and processing plants.
- Global price fluctuations of iron ore and coking coal.
- Government trade protection policies.
- Logistics costs and foreign exchange rates.
In parallel, the Vietnam Industrial Development Strategy 2030 – Vision 2045 is creating new opportunities for the steel sector, encouraging green production and high-tech applications — directions that Truong Thinh Corp is actively pursuing under its sustainable growth strategy.
3. Leading players in Vietnam’s steel market
Vietnam’s steel market is currently dominated by major producers such as:
- Hoa Phat Group (8 million tons/year)
- Formosa Ha Tinh Steel (7.5 million tons/year)
- Pomina, TISCO, Tung Ho Steel, among others.
Meanwhile, Truong Thinh Corp stands out among mid-to-large enterprises specializing in structural steel, industrial steel, and fabrication, thanks to its flexible production capacity, skilled engineering team, and fully integrated value chain — from design and manufacturing to on-site installation.
4. Vietnam steel market outlook (2025–2030)
Experts forecast that Vietnam’s steel industry will maintain a 6–7% average annual growth rate during 2025–2030. The key trend will be green steel production, focusing on CO₂ reduction and renewable energy integration. Truong Thinh Corp is proactively shifting toward a sustainable and energy-efficient production model, ready to capture emerging opportunities in the green industrial investment wave.
5. Vietnam’s position in southeast asia
Within the region, Vietnam ranks top 3 in production and top 2 in exports. Its steel output surpasses that of Malaysia and the Philippines, while attracting significant investment from Japan, South Korea, and the EU. Thanks to its strategic location, low labor costs, and complete supply chain, Vietnam is becoming a new steel hub in Southeast Asia — an ideal environment for companies like Truong Thinh Corp to expand production and exports.
6. Challenges and growth prospects
The industry still faces challenges such as oversupply of construction steel, volatile raw material prices, and competition from China. Yet, the outlook remains positive due to strong industrialization policies, infrastructure investment, and export growth.
Truong Thinh Corp has defined a clear strategic path: focusing on high-value, eco-friendly steel products and automated technologies to sustain long-term competitiveness. Vietnam’s steel market continues to expand, opening vast opportunities for enterprises with sustainable production capacity and advanced technologies. For Truong Thinh Corp, this is the golden moment to strengthen its position in structural steel and integrated industrial solutions, aiming to become a leading strategic partner in the regional steel supply chain.
