Vietnam’s steel buildout is moving fast, with plans to add 10 million tons of capacity by 2025 while installed crude steelmaking capacity is already 45 million tons per year by end 2023. At the same time, consumption is reshaping demand, including construction taking 65% of steel use in 2023 and domestic demand rising 12% to 27 million tons. In this post, we lay out the key capacity, production, trade, and price figures that help explain how Vietnam’s mills, imports, and exporters are fitting together.
Key Takeaways
- 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 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.
Vietnam’s steel expansion is accelerating fast, led by rising capacity, output, and exports in 2023.
Related reading
01 · Category
Capacity and Infrastructure24 stats
01
Installed crude steelmaking capacity in Vietnam reached 45 million tons per year by end-2023.
02
Hoa Phat Group's total steel capacity expanded to 14.5 million tons annually in 2023.
03
Formosa Ha Tinh steel complex has a capacity of 22 million tons of hot-rolled coil per year.
04
Vietnam Steel Corporation (Pomina) capacity stands at 2.5 million tons of long products annually.
05
New EAF capacity additions in Vietnam totaled 3 million tons in 2023.
06
Dung Quat Steel Plant's blast furnace capacity is 5.6 million tons per year.
07
Vietnam's HRC rolling capacity exceeded 15 million tons by 2023.
08
Total flat steel capacity in Vietnam reached 18 million tons annually in 2022.
09
Rebar rolling mills capacity utilization averaged 82% in Vietnam 2023.
10
Pomina's billet casting capacity is 2 million tons per year.
11
Vietnam plans to add 10 million tons of steel capacity by 2025.
12
Thai Nguyen Iron and Steel capacity is 1.8 million tons annually.
13
New green steel projects in Vietnam target 5 million tons capacity by 2030.
14
Vietnam's scrap processing capacity grew to 8 million tons in 2023.
15
Hoa Phat's HP-GI color steel capacity is 1.2 million tons per year.
16
Total wire rod mill capacity in Vietnam is 5.5 million tons annually.
17
Steel pipe manufacturing capacity reached 6 million tons in 2023.
18
Vietnam's stainless steel capacity is 0.8 million tons per year.
19
New flat product lines added 2 million tons capacity in 2022.
20
Long steel capacity utilization was 78% in Q3 2023.
21
Formosa's pellet plant capacity is 20 million tons per year.
22
Vietnam's total DRI capacity stands at 1.5 million tons annually.
23
Steel structure fabrication capacity exceeds 3 million tons in Vietnam.
24
Galvanized steel line capacity added 1 million tons in 2023.
Interpretation
Capacity 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.
02 · Category
Consumption and Demand23 stats
01
Vietnam's apparent steel consumption was 25.2 million tons in 2022.
02
Domestic steel demand in Vietnam grew 12% to 27 million tons in 2023.
03
Construction sector accounted for 65% of Vietnam's steel consumption in 2023.
04
Vietnam's HRC consumption reached 7.8 million tons in 2022.
05
Rebar demand in Vietnam was 12.5 million tons in 2023.
06
Automotive industry steel use in Vietnam hit 1.2 million tons in 2023.
07
Shipbuilding sector consumed 0.9 million tons of steel plates in 2022.
08
Household appliances drove 0.6 million tons galvanized steel demand in 2023.
09
Infrastructure projects boosted steel demand by 15% in 2023.
10
Vietnam's per capita steel consumption rose to 250 kg in 2023.
11
Real estate sector steel use was 8.4 million tons in 2022.
12
Electrical equipment industry consumed 1.1 million tons wire rod in 2023.
13
Mechanical engineering steel demand grew 10% to 2.3 million tons in 2023.
14
Oil & gas sector used 0.4 million tons seamless pipes in 2022.
15
Furniture manufacturing consumed 0.3 million tons flat steel in 2023.
16
Steel consumption forecast for Vietnam 2024 is 30 million tons.
17
Q4 2023 steel demand surged 20% due to public investments.
18
Import dependency for HRC was 45% of total consumption in 2023.
19
Construction steel demand peaked at 1.1 million tons/month in Oct 2023.
20
Electronics industry steel use reached 0.5 million tons in 2022.
21
Renewable energy projects demanded 0.7 million tons steel structures in 2023.
22
Packaging sector galvanized sheet demand was 0.2 million tons.
23
Agricultural machinery steel consumption hit 0.4 million tons in 2023.
Interpretation
Consumption 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.
03 · Category
Exports and Imports22 stats
01
Vietnam exported 15.4 million tons of steel products in 2023.
02
Steel exports from Vietnam grew 28% year-on-year to $10.2 billion in 2023.
03
HRC exports reached 4.2 million tons in 2023, mainly to ASEAN.
04
Rebar exports from Vietnam totaled 7.8 million tons in 2022.
05
Vietnam imported 11.6 million tons of steel in 2023.
06
Top export market for VN steel was Cambodia with 2.1 million tons in 2023.
07
HRC imports dropped 15% to 5.3 million tons in 2023.
08
Wire rod exports surged 35% to 1.9 million tons in 2023.
09
Steel pipe exports valued at $2.5 billion in 2022.
10
Imports from China accounted for 65% of Vietnam's steel imports in 2023.
11
Galvanized steel exports hit 1.5 million tons in 2023.
12
Vietnam's steel trade surplus was $1.8 billion in 2023.
13
Flat steel exports grew 22% to 3.4 million tons in 2022.
14
Billet exports from Vietnam reached 2.7 million tons in 2023.
15
Scrap imports for steelmaking were 6.2 million tons in 2023.
16
Steel exports to US increased 40% to 0.8 million tons in 2023.
17
Color-coated steel exports totaled 0.9 million tons in 2022.
18
Vietnam imposed anti-dumping duties on HRC imports from China in 2023.
19
Stainless steel imports were 0.3 million tons in 2023.
20
Top import source India supplied 1.2 million tons HRC in 2023.
21
Steel exports to Philippines reached 1.3 million tons in 2023.
22
Seamless pipe imports dropped to 0.2 million tons in 2022.
Interpretation
Exports 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.
More related reading
04 · Category
Market Prices and Financials21 stats
01
Vietnam's average HRC export price was $650/ton in Dec 2023.
02
Domestic rebar price in Vietnam averaged VND 14.5 million/ton in 2023.
03
Hoa Phat Group's revenue from steel sales was VND 120 trillion in 2023.
04
Vietnam steel industry profit margin averaged 8.2% in 2023.
05
HRC import price FOB basis was $580/ton in Q4 2023.
06
Steel scrap price in Vietnam reached VND 8.5 million/ton in Oct 2023.
07
Formosa Ha Tinh sales revenue hit $7.5 billion in 2023.
08
Average galvanized steel price was VND 18.2 million/ton in 2023.
09
Wire rod market price averaged VND 13.8 million/ton in 2022.
10
Steel industry FDI in Vietnam totaled $4.2 billion by 2023.
11
Vietnam steel market size valued at $15.6 billion in 2023.
12
Rebar price premium over HRC was $120/ton in 2023.
13
Pomina Steel revenue grew 15% to VND 25 trillion in 2023.
14
Iron ore import cost for VN steelmakers averaged $110/ton CFR in 2023.
15
Steel plate price hit VND 20 million/ton peak in 2023.
16
Industry EBITDA margin was 12.5% for top producers in 2023.
17
Color-coated steel price averaged $850/ton in 2023.
18
Coal coking price for steel production was $250/ton in 2023.
19
Stainless steel price surged to VND 65 million/ton in Q3 2023.
20
Steel export price index rose 10% YoY in 2023.
21
Electricity cost for steel mills averaged VND 1,800/kWh in 2023.
Interpretation
Market 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.
05 · Category
Production Statistics30 stats
01
Vietnam's crude steel production reached 20.8 million metric tons in 2022, marking a 14% increase from 2021.
02
Hoa Phat Group produced 8.2 million tons of crude steel in 2023, accounting for nearly 40% of Vietnam's total output.
03
Vietnam's steel billet production surged to 12.5 million tons in 2022.
04
Total long steel products output in Vietnam was 14.3 million tons in 2023.
05
Flat steel production in Vietnam hit 6.7 million tons in 2022.
06
Vietnam's HRC production capacity utilization reached 75% in Q4 2023.
07
Annual steel rebar production in Vietnam exceeded 10 million tons in 2023.
08
Vietnam produced 2.1 million tons of galvanized steel in 2022.
09
Crude steel output from electric arc furnaces in Vietnam was 15.4 million tons in 2022.
10
Vietnam's wire rod production totaled 4.2 million tons in 2023.
11
Steel pipe production in Vietnam reached 3.8 million tons in 2022.
12
Vietnam's structural steel output grew 18% to 2.9 million tons in 2023.
13
Total crude steel production forecast for Vietnam in 2024 is 28 million tons.
14
Hoa Phat's Dung Quat 2 blast furnace produced 4.5 million tons in 2023.
15
Formosa Ha Tinh steel plant output was 6.5 million tons of HRC in 2023.
16
Vietnam's scrap-based steel production increased by 22% to 9.8 million tons in 2022.
17
Steel section production in Vietnam was 1.7 million tons in 2023.
18
Vietnam's color-coated steel output reached 1.2 million tons in 2022.
19
Blast furnace steel production in Vietnam totaled 11.3 million tons in 2023.
20
Vietnam's steel plate production was 0.9 million tons in 2022.
21
Total finished steel products production hit 22.5 million tons in 2023.
22
Vietnam's stainless steel production grew to 0.4 million tons in 2023.
23
Deformed bar production in Vietnam was 9.2 million tons in 2022.
24
Equal angle steel output reached 1.1 million tons in 2023.
25
Channel steel production in Vietnam totaled 0.8 million tons in 2022.
26
Vietnam's I-beam production was 0.6 million tons in 2023.
27
Seamless pipe production hit 0.5 million tons in 2022.
28
Welded pipe output in Vietnam was 3.3 million tons in 2023.
29
Vietnam's H-beam production reached 0.4 million tons in 2022.
30
Steel sheet production totaled 5.1 million tons in 2023.
Interpretation
Production 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.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Emilia Santos. (2026, February 13). Vietnam Steel Industry Statistics. Gitnux. https://gitnux.org/vietnam-steel-industry-statistics
MLA
Emilia Santos. "Vietnam Steel Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/vietnam-steel-industry-statistics.
Chicago
Emilia Santos. 2026. "Vietnam Steel Industry Statistics." Gitnux. https://gitnux.org/vietnam-steel-industry-statistics.
Sources & references
44 datasets cited across this report · attribution is report-level