Vietnam's steel industry is forging ahead with remarkable momentum, as evidenced by a 14% surge in production to 20.8 million tons in 2022, signaling a nation busily building its future.
Key Takeaways
- Vietnam's crude steel production reached 20.8 million metric tons in 2022, marking a 14% increase from 2021.
- Hoa Phat Group produced 8.2 million tons of crude steel in 2023, accounting for nearly 40% of Vietnam's total output.
- Vietnam's steel billet production surged to 12.5 million tons in 2022.
- Installed crude steelmaking capacity in Vietnam reached 45 million tons per year by end-2023.
- Hoa Phat Group's total steel capacity expanded to 14.5 million tons annually in 2023.
- Formosa Ha Tinh steel complex has a capacity of 22 million tons of hot-rolled coil per year.
- Vietnam's apparent steel consumption was 25.2 million tons in 2022.
- Domestic steel demand in Vietnam grew 12% to 27 million tons in 2023.
- Construction sector accounted for 65% of Vietnam's steel consumption in 2023.
- Vietnam exported 15.4 million tons of steel products in 2023.
- Steel exports from Vietnam grew 28% year-on-year to $10.2 billion in 2023.
- HRC exports reached 4.2 million tons in 2023, mainly to ASEAN.
- Vietnam's average HRC export price was $650/ton in Dec 2023.
- Domestic rebar price in Vietnam averaged VND 14.5 million/ton in 2023.
- Hoa Phat Group's revenue from steel sales was VND 120 trillion in 2023.
Vietnam's steel industry shows strong growth in production, capacity, and exports.
Capacity and Infrastructure
1Installed crude steelmaking capacity in Vietnam reached 45 million tons per year by end-2023.
Verified2Hoa Phat Group's total steel capacity expanded to 14.5 million tons annually in 2023.
Verified3Formosa Ha Tinh steel complex has a capacity of 22 million tons of hot-rolled coil per year.
Verified4Vietnam Steel Corporation (Pomina) capacity stands at 2.5 million tons of long products annually.
Directional5New EAF capacity additions in Vietnam totaled 3 million tons in 2023.
Single source6Dung Quat Steel Plant's blast furnace capacity is 5.6 million tons per year.
Verified7Vietnam's HRC rolling capacity exceeded 15 million tons by 2023.
Verified8Total flat steel capacity in Vietnam reached 18 million tons annually in 2022.
Verified9Rebar rolling mills capacity utilization averaged 82% in Vietnam 2023.
Directional10Pomina's billet casting capacity is 2 million tons per year.
Single source11Vietnam plans to add 10 million tons of steel capacity by 2025.
Verified12Thai Nguyen Iron and Steel capacity is 1.8 million tons annually.
Verified13New green steel projects in Vietnam target 5 million tons capacity by 2030.
Verified14Vietnam's scrap processing capacity grew to 8 million tons in 2023.
Directional15Hoa Phat's HP-GI color steel capacity is 1.2 million tons per year.
Single source16Total wire rod mill capacity in Vietnam is 5.5 million tons annually.
Verified17Steel pipe manufacturing capacity reached 6 million tons in 2023.
Verified18Vietnam's stainless steel capacity is 0.8 million tons per year.
Verified19New flat product lines added 2 million tons capacity in 2022.
Directional20Long steel capacity utilization was 78% in Q3 2023.
Single source21Formosa's pellet plant capacity is 20 million tons per year.
Verified22Vietnam's total DRI capacity stands at 1.5 million tons annually.
Verified23Steel structure fabrication capacity exceeds 3 million tons in Vietnam.
Verified24Galvanized steel line capacity added 1 million tons in 2023.
DirectionalCapacity and Infrastructure Interpretation
Vietnam's steel industry has swelled into a veritable dragon, where giants like Hoa Phat and Formosa anchor a sprawling landscape of ambitious, occasionally underutilized, and increasingly green capacity that is still hungrily expanding.
Consumption and Demand
1Vietnam's apparent steel consumption was 25.2 million tons in 2022.
Verified2Domestic steel demand in Vietnam grew 12% to 27 million tons in 2023.
Verified3Construction sector accounted for 65% of Vietnam's steel consumption in 2023.
Verified4Vietnam's HRC consumption reached 7.8 million tons in 2022.
Directional5Rebar demand in Vietnam was 12.5 million tons in 2023.
Single source6Automotive industry steel use in Vietnam hit 1.2 million tons in 2023.
Verified7Shipbuilding sector consumed 0.9 million tons of steel plates in 2022.
Verified8Household appliances drove 0.6 million tons galvanized steel demand in 2023.
Verified9Infrastructure projects boosted steel demand by 15% in 2023.
Directional10Vietnam's per capita steel consumption rose to 250 kg in 2023.
Single source11Real estate sector steel use was 8.4 million tons in 2022.
Verified12Electrical equipment industry consumed 1.1 million tons wire rod in 2023.
Verified13Mechanical engineering steel demand grew 10% to 2.3 million tons in 2023.
Verified14Oil & gas sector used 0.4 million tons seamless pipes in 2022.
Directional15Furniture manufacturing consumed 0.3 million tons flat steel in 2023.
Single source16Steel consumption forecast for Vietnam 2024 is 30 million tons.
Verified17Q4 2023 steel demand surged 20% due to public investments.
Verified18Import dependency for HRC was 45% of total consumption in 2023.
Verified19Construction steel demand peaked at 1.1 million tons/month in Oct 2023.
Directional20Electronics industry steel use reached 0.5 million tons in 2022.
Single source21Renewable energy projects demanded 0.7 million tons steel structures in 2023.
Verified22Packaging sector galvanized sheet demand was 0.2 million tons.
Verified23Agricultural machinery steel consumption hit 0.4 million tons in 2023.
VerifiedConsumption and Demand Interpretation
Vietnam's steel industry is having a proper building boom, with construction hoarding nearly two-thirds of the pie, though the scramble to keep pace is still leaving it importing nearly half of its hot-rolled coils.
Exports and Imports
1Vietnam exported 15.4 million tons of steel products in 2023.
Verified2Steel exports from Vietnam grew 28% year-on-year to $10.2 billion in 2023.
Verified3HRC exports reached 4.2 million tons in 2023, mainly to ASEAN.
Verified4Rebar exports from Vietnam totaled 7.8 million tons in 2022.
Directional5Vietnam imported 11.6 million tons of steel in 2023.
Single source6Top export market for VN steel was Cambodia with 2.1 million tons in 2023.
Verified7HRC imports dropped 15% to 5.3 million tons in 2023.
Verified8Wire rod exports surged 35% to 1.9 million tons in 2023.
Verified9Steel pipe exports valued at $2.5 billion in 2022.
Directional10Imports from China accounted for 65% of Vietnam's steel imports in 2023.
Single source11Galvanized steel exports hit 1.5 million tons in 2023.
Verified12Vietnam's steel trade surplus was $1.8 billion in 2023.
Verified13Flat steel exports grew 22% to 3.4 million tons in 2022.
Verified14Billet exports from Vietnam reached 2.7 million tons in 2023.
Directional15Scrap imports for steelmaking were 6.2 million tons in 2023.
Single source16Steel exports to US increased 40% to 0.8 million tons in 2023.
Verified17Color-coated steel exports totaled 0.9 million tons in 2022.
Verified18Vietnam imposed anti-dumping duties on HRC imports from China in 2023.
Verified19Stainless steel imports were 0.3 million tons in 2023.
Directional20Top import source India supplied 1.2 million tons HRC in 2023.
Single source21Steel exports to Philippines reached 1.3 million tons in 2023.
Verified22Seamless pipe imports dropped to 0.2 million tons in 2022.
VerifiedExports and Imports Interpretation
While fortifying its domestic production and slapping China with anti-dumping duties, Vietnam has cunningly pivoted from a voracious steel importer into a formidable export powerhouse, cleverly flipping a $1.8 billion trade surplus by feeding ASEAN's appetite for raw HRC and rebar while sneakily boosting high-value shipments to the US.
Market Prices and Financials
1Vietnam's average HRC export price was $650/ton in Dec 2023.
Verified2Domestic rebar price in Vietnam averaged VND 14.5 million/ton in 2023.
Verified3Hoa Phat Group's revenue from steel sales was VND 120 trillion in 2023.
Verified4Vietnam steel industry profit margin averaged 8.2% in 2023.
Directional5HRC import price FOB basis was $580/ton in Q4 2023.
Single source6Steel scrap price in Vietnam reached VND 8.5 million/ton in Oct 2023.
Verified7Formosa Ha Tinh sales revenue hit $7.5 billion in 2023.
Verified8Average galvanized steel price was VND 18.2 million/ton in 2023.
Verified9Wire rod market price averaged VND 13.8 million/ton in 2022.
Directional10Steel industry FDI in Vietnam totaled $4.2 billion by 2023.
Single source11Vietnam steel market size valued at $15.6 billion in 2023.
Verified12Rebar price premium over HRC was $120/ton in 2023.
Verified13Pomina Steel revenue grew 15% to VND 25 trillion in 2023.
Verified14Iron ore import cost for VN steelmakers averaged $110/ton CFR in 2023.
Directional15Steel plate price hit VND 20 million/ton peak in 2023.
Single source16Industry EBITDA margin was 12.5% for top producers in 2023.
Verified17Color-coated steel price averaged $850/ton in 2023.
Verified18Coal coking price for steel production was $250/ton in 2023.
Verified19Stainless steel price surged to VND 65 million/ton in Q3 2023.
Directional20Steel export price index rose 10% YoY in 2023.
Single source21Electricity cost for steel mills averaged VND 1,800/kWh in 2023.
VerifiedMarket Prices and Financials Interpretation
While Vietnamese steelmakers are engineering impressive revenues like Hoa Phat's VND 120 trillion, their journey involves navigating narrow profit margins of 8.2%, powered by expensive inputs like $250/ton coal, and hoping domestic rebar prices at VND 14.5 million/ton can outpace the relentless pressure from $580/ton import HRC.
Production Statistics
1Vietnam's crude steel production reached 20.8 million metric tons in 2022, marking a 14% increase from 2021.
Verified2Hoa Phat Group produced 8.2 million tons of crude steel in 2023, accounting for nearly 40% of Vietnam's total output.
Verified3Vietnam's steel billet production surged to 12.5 million tons in 2022.
Verified4Total long steel products output in Vietnam was 14.3 million tons in 2023.
Directional5Flat steel production in Vietnam hit 6.7 million tons in 2022.
Single source6Vietnam's HRC production capacity utilization reached 75% in Q4 2023.
Verified7Annual steel rebar production in Vietnam exceeded 10 million tons in 2023.
Verified8Vietnam produced 2.1 million tons of galvanized steel in 2022.
Verified9Crude steel output from electric arc furnaces in Vietnam was 15.4 million tons in 2022.
Directional10Vietnam's wire rod production totaled 4.2 million tons in 2023.
Single source11Steel pipe production in Vietnam reached 3.8 million tons in 2022.
Verified12Vietnam's structural steel output grew 18% to 2.9 million tons in 2023.
Verified13Total crude steel production forecast for Vietnam in 2024 is 28 million tons.
Verified14Hoa Phat's Dung Quat 2 blast furnace produced 4.5 million tons in 2023.
Directional15Formosa Ha Tinh steel plant output was 6.5 million tons of HRC in 2023.
Single source16Vietnam's scrap-based steel production increased by 22% to 9.8 million tons in 2022.
Verified17Steel section production in Vietnam was 1.7 million tons in 2023.
Verified18Vietnam's color-coated steel output reached 1.2 million tons in 2022.
Verified19Blast furnace steel production in Vietnam totaled 11.3 million tons in 2023.
Directional20Vietnam's steel plate production was 0.9 million tons in 2022.
Single source21Total finished steel products production hit 22.5 million tons in 2023.
Verified22Vietnam's stainless steel production grew to 0.4 million tons in 2023.
Verified23Deformed bar production in Vietnam was 9.2 million tons in 2022.
Verified24Equal angle steel output reached 1.1 million tons in 2023.
Directional25Channel steel production in Vietnam totaled 0.8 million tons in 2022.
Single source26Vietnam's I-beam production was 0.6 million tons in 2023.
Verified27Seamless pipe production hit 0.5 million tons in 2022.
Verified28Welded pipe output in Vietnam was 3.3 million tons in 2023.
Verified29Vietnam's H-beam production reached 0.4 million tons in 2022.
Directional30Steel sheet production totaled 5.1 million tons in 2023.
Single sourceProduction Statistics Interpretation
Vietnam's steel industry is building a skyscraper while living in it, with Hoa Phat forging nearly half the foundation, Formosa adding the walls, and a 28-million-ton ambition for the next floor.
Sources & References
- Reference 1WORLDSTEELworldsteel.orgVisit source
- Reference 2HOAPHAThoaphat.com.vnVisit source
- Reference 3STEELORBISsteelorbis.comVisit source
- Reference 4VSAvsa.com.vnVisit source
- Reference 5RESEARCHANDMARKETSresearchandmarkets.comVisit source
- Reference 6STEELRADARsteelradar.comVisit source
- Reference 7ENen.vietnamplus.vnVisit source
- Reference 8STATISTAstatista.comVisit source
- Reference 9MYSTEELmysteel.netVisit source
- Reference 10VIETNAMSTEELvietnamsteel.org.vnVisit source
- Reference 11FASTMARKETSfastmarkets.comVisit source
- Reference 12FORMOSAHA TINHSTEELformosaha Tinhsteel.com.vnVisit source
- Reference 13RECYCLINGTODAYrecyclingtoday.comVisit source
- Reference 14STEEL-TECHNOLOGYsteel-technology.comVisit source
- Reference 15GIIRESEARCHgiiresearch.comVisit source
- Reference 16VIETNAMNEWSvietnamnews.vnVisit source
- Reference 17SMRSTEELsmrsteel.comVisit source
- Reference 18METALBULLETINmetalbulletin.comVisit source
- Reference 19STEELGURUsteelguru.comVisit source
- Reference 20OILANDGASONLINEoilandgasonline.comVisit source
- Reference 21VIETNAMSTEELPIPEvietnamsteelpipe.comVisit source
- Reference 22FHTfht.com.vnVisit source
- Reference 23POMINApomina.com.vnVisit source
- Reference 24ENen.baochinhphu.vnVisit source
- Reference 25TISCOMtiscom.vnVisit source
- Reference 26REUTERSreuters.comVisit source
- Reference 27ISRIisri.orgVisit source
- Reference 28SSTAINLESSsstainless.comVisit source
- Reference 29VIETNAMSTEELSTRUCTURESvietnamsteelstructures.comVisit source
- Reference 30MYSTEELEmysteele.netVisit source
- Reference 31VAMAvama.org.vnVisit source
- Reference 32VINASHINvinashin.com.vnVisit source
- Reference 33GSOgso.gov.vnVisit source
- Reference 34VIETNAMREALESTATEvietnamrealestate.com.vnVisit source
- Reference 35MOITmoit.gov.vnVisit source
- Reference 36VAMEvame.org.vnVisit source
- Reference 37PVNpvn.vnVisit source
- Reference 38VIFAvifa.org.vnVisit source
- Reference 39EVNevn.com.vnVisit source
- Reference 40VIPPAvippa.org.vnVisit source
- Reference 41MARDmard.gov.vnVisit source
- Reference 42CUSTOMScustoms.gov.vnVisit source
- Reference 43USTRustr.govVisit source
- Reference 44FIAfia.mpi.gov.vnVisit source