Steel Industry In Vietnam Rank Top 13 World's Crude Steel Production
Steel NewsDate: 07-06-2023 by: Ngan Le
In 2022, the steel industry in Vietnam suddenly entered the top 13 world's crude steel production in the world. This is an important milestone marking domestic factories have gradually become self-sufficient in input steel materials, contributing to improving the quality of steel products making conditions for Vietnam's steel exports to the world.
The long developments of steel industry in Vietnam about autonomous production
Back in the 2000s, the total capacity of crude steel in Vietnam was only 300,000 tons because of the small scale's production from domestic factories and outdated equipment. At that time, Vietnamese factories had to import a lot of crude steel as well as all hot rolled coil steel (HRC) to produce steel for the market.
However, since 2010, the steel industry in Vietnam has made amazing growth when the demand for steel has increased. These increases have made steel enterprises willing to spend a large amount of money on production technology and expanding business activities.
Vietnam's crude steel production capacity when compared to ASEAN countries in 1990-2020
Vietnam's crude steel production capacity has grown strongly since 2010, specifically, Vietnam only produced 900,000 tons of crude steel in 2005 before, but only 5 years later, this number has increased 5 times when compared to the same period before. Until 2020, Vietnam's crude steel production capability has ranked the first in Southeast Asia area, this is also considered as a preconditions for Vietnam to become one of the most potential steel manufacturers in the world.
Position of Vietnam Steel Industry On The World Map
According to WorldSteel statistics, in 2021, Vietnam's crude steel production capacity has now reached an amazing figure with more than 23 million tons and it helps Vietnam reach the top 13 countries which have crude steel production capacity in the world.
Position of Vietnam's Steel Industry on the world map of crude steel production
Source: worldsteel.org
In 2022, despite the effect's economic difficulties, Vietnam still maintains top 13 in ranking of crude steel production in the world with a total crude steel of 20 million tons. This is a good sign for the steel industry in Vietnam between the overall gloomy economic background and the steel industry in the past year.
Ranking of global crude steel production among countries in 2022
Source: worldsteel.org
According to the latest statistics from the Vietnam Steel Association (VSA), in February, Vietnam's crude steel production reached more than 1.5 million tons. Although crude steel output in this month decreased significantly when compared to the same period last year, it is considered a sign of rise for Vietnam's steel industry when the volume in February increased by 13% when compared to last January. It can be seen that Vietnam's steel enterprises as well as the government are trying some policies and adjusting the plan flexibly to adapt to difficulties about global economic barriers, contributing to the strong recovery of Vietnam's steel industry.
Solutions for Vietnam's steel importers in the middle of the market storm
The world steel market in general as well as the steel industry in Vietnam is assessed as being in recession, so what is the solution for Vietnamese steel importers when the Vietnam steel market still has problems which are from global inflation along with tight monetary policy.
Before an important decision to invest in importing steel, if enterprises capture clearly fluctuations of the price along with steel cost in a certain period, it will be an effective solution for foreign enterprises to prevent some problems. In Vietnam today, MRS Steel is a reputable supplier of steel import solutions for businesses. We have a team who are knowledgeable about market prices to assist you in building a plan for buying steel from quality producers that helps you to optimize both time and cost.
