Vietnam Steel Industry: A Market Perspective
BlogDate: 15-03-2024 by: Nhu Quynh
Vietnam's steel industry has changed and developed strongly in recent years and products have improved in quality and design. In particular, Vietnam has been able to autonomously produce HRC domestically, which is an essential raw material source for the production of steel products.
1. Impact of the economy on Vietnam's steel industry
The steel industry is one of the key industries in the economy. The growth of Vietnam's steel industry goes hand in hand with the growth of the economy. Currently, under pressure from the economy, Vietnam's steel industry is facing many difficulties and challenges as domestic product consumption has decreased sharply, production raw material prices have increased, and many businesses have fallen into a state of loss. That is something that Vietnamese steel businesses cannot avoid. However, currently the Asian iron and steel market is on an upward trend, mainly due to the rise of the Chinese yuan, so this field is still open to businesses in Vietnam.
2. Signs of improvement in Vietnam's steel industry
Vietnam's steel industry, in recent years, has also had remarkable developments in scale and product quality. When market demand increases, Vietnamese businesses have the opportunity to expand production and business to meet the development of the steel industry. In recent years, steel industry growth has always reached double digits. Vietnam is also a country with strong development in the region; up to now, it has risen to 12th in the world in crude steel production. This is considered a new step for Vietnam's steel industry, affirming its position on the world steel industry map. In particular, two Vietnamese steel enterprises, Formosa and Hoa Phat, have autonomously produced HRC, which is a key source of input materials for the production of other steel products. These are also two enterprises of the Vietnamese steel industry honored to be in the top 100 largest steel enterprises in the world.
3. Vietnam steel industry takes advantage of export opportunities
With huge potential for steel production, Vietnam's steel industry will have many opportunities to promote production and consumption of steel originating from Vietnam under the current integration conditions. Vietnamese steel is increasingly developing and has a certain position in the international market. Vietnamese steel enterprises such as Hoa Phat, Formosa, Hoa Sen,... are promoting investment to export key products of Vietnam's steel industry. According to a report from the General Department of Vietnam Customs, in the first 8 months of the year, our country's iron and steel exports earned 5.69 billion USD with more than 7.38 million tons, an increase of 24.4% over the same period. 2022. The current export markets of Vietnam's steel industry are mainly Asian countries, America, Australia, Canada, the EU,...
With reasonable costs and product quality meeting international standards, Vietnamese steel is currently the choice of many countries and territories. MRS Steel is proud to be one of the representatives of the Vietnamese steel industry, exporting steel products of famous steel brands such as Formosa, Hoa Phat, Ton Dong A,... If you need to import steel from Vietnam, please contact us via Email vanloc@mrssteel.com.vn.
