AsemconnectVietnam - According to statistics from Vietnam Steel Association (VSA), Vietnam's production of finished steel was 2.46 million ton in June, increasing by 22.4% compared to the same month a year ago. Meanwhile, the steel products sales totaled approximately 2.36 million tons, a month-on-month decrease of 7.53% but a year-on-year increase of 9.3%.

In the first half year, Vietnam's steel output was roughly 14.43 million tons, a year-on-year increase of 10.1%, and the sales grew by 14.4% year on year to 14.27 million tons. During the same period, the country's steel products imports totaled about 1.55 million tons, soaring by 84.72% over the same period of last year. Besides, the finished steel exports amounted to 1.12 million tons, marking a monthly increase of 0.78% but reflecting a 1.37% year-on-year decrease. The Vietnam Steel Association highlighted that despite this growth in production, the steel industry faces significant challenges due to increased competition from imported products, especially in the flat products sector. As a result of this import competition, the domestic market share of key Vietnamese steel producers, Hoa Phat Group and Formosa Ha Tinh Steel, has dropped from 45% in 2021 to 30% in 2023.
Finished steel production projected at 30 million tonnes this year
Vietnam's finished steel production is projected to hit 30 million tonnes this year, marking a 7% annual increase, according to the Ministry of Industry and Trade (MoIT).
However, this anticipated recovery is fraught with uncertainty, as the domestic market grapples with oversupply, surging imports, and global market instability. The domestic steel market is currently inundated with various steel products, while imported steel continues to flood in, intensifying price competition for local producers. Soaring international shipping costs and global market volatility further exacerbate the challenges faced by steel industry enterprises.
AD investigation on certain hot-rolled steel products from China & India
On July 26, Vietnam’s Ministry of Industry and Trade declared the decision that it will launch an anti-dumping (AD) investigation on certain hot-rolled steel products originating from India and China. The data collection period to assess dumping behavior is from July 1, 2023, to June 30, 2024; the data collection period to assess damage to the domestic manufacturing industry is 3 years, from July 1, 2021, to June 30, 2024. The steel products under investigation include HS Codes 7208.25.00, 7208.26.00, 7208.27.19, 7208.27.99, 7208.36.00, 7208.37.00, 7208.38.00, 7208.39.20, 7208.39.40, 7208.39.90, 7208.51.00, 7208.52.00, 7208.53.00, 7208.54.90, 7208.90.90, 7211.14.15, 7211.14.16, 7211.14.19, 7211.19.13, 7211.19.19, 7211.90.12, 7211.90.19, 7225.30.90, 7225.99.90, 7226.91.10, 7226.91.90, 7226.99.19, and 7226.99.99.
The investigation will be completed within 12 months from the date of the decision to investigate. In special cases, this period may be extended, but the total investigation period shall not exceed 18 months.
The top 10 largest steel mills in Vietnam
Hoa Phat Group
Hoa Phat was established in August 1992, starting with trading in construction machines and gradually expanding to other fields such as iron and steel products,... Hoa Phat is one of the top 10 steel mills in Vietnam today, holding the No. 1 market share in construction steel and steel pipes. HPG's market capitalization reached 11 billion USD, among the top 15 steel mills with the largest capitalization in the global steel industry.
Formosa Ha Tinh
Formosa Ha Tinh Steel is the largest foreign direct investment steel mill in Vietnam. Started construction in 2008, with a total area of more than 3,300 hectares, including a land area of more than 2,025 hectares and a water surface area of more than 1,293 hectares (Son Duong port). With a total investment cost of more than 28 billion USD, Formosa is expected to meet a capacity of 22.5 million tons per year. After completing both phases, the project opens up new development for the Vietnamese steel industry.
VAS Group
Established in 1998, VAS is among the few companies that own a complete ecosystem of steel mills and seaports, with an annual total capacity of 4.35 million tons of square billets and 2.5 million tons of construction steel. The international port services system and logistics not only optimize operational costs for the corporation but also facilitate the import and export of goods. The establishment of Nghi Son International Seaport in Thanh Hoa has provided a competitive advantage in the supply chain, enabling the company to meet requirements for production volume, quality and delivery schedules.
Hoa Sen Group
Hoa Sen Group was established on August 8, 2001 specializing in the fields of: Hoa Sen Steel Sheet, Galvanized Thick Steel, Hoa Sen Zinc Pipe, Hoa Sen Plastic Pipe. High quality products of Ton Hoa Sen are widely accepted and used both domestically and internationally because of their reasonable prices, meeting a variety of needs.
Ton Dong A Corporation
Established on November 5, 1998, under the name Dong A Co., Ltd. In 2009, the company converted from a limited liability company to a joint stock company to match the development of the current economy. This enterprise specializes in producing cold corrugated iron, zinc-coated steel, cold corrugated iron and color-coated iron, serving the construction and civil industries.
Nam Kim Group
Nam Kim Steel Joint Stock Company was established on December 23, 2002. As a leading enterprise specializing in producing galvanized steel sheets in Vietnam, Nam Kim Steel is always a pioneer in investing in technology to provide products that meet the highest quality standards.
Currently, galvanized steel products are the main product line of Nam Kim Steel. In addition, the company also promotes the production of steel pipes. The company always focuses on and invests all of its resources in manufacturing steel and improving the capacity of factories. After more than 20 years since its establishment and development, Nam Kim brand has gradually marked a remarkable transformation to become the 2nd leading brand in terms of market share of coated steel sheets in Vietnam.
Southern Steel Sheet Co., Ltd
Established in 1995, the SSSC steel mill is a joint venture between Vietnam Steel Corporation (VSC) and Sumitomo Corporation (Japan) along with FIW STEEL SDN. BHD (Malaysia). Over nearly 30 years of development, SSSC has expanded significantly, gaining a reputable position in the production of roofing and construction materials. SSSC currently provides high-quality products in diverse sizes and types, catering to civil, industrial and various construction projects across Vietnam. The company's products meet stringent quality and safety standards, manufactured through rigorous quality control processes.
TVP Steel Joint Stock Company
TVP Steel Joint Stock Company stands as one of the leading steel mills in Vietnam, specializing in high-quality galvanized, color-coated roofing sheets, steel plates, steel pipes and more. TVP consistently leads in technological advancements in the market by continuously investing in cutting-edge machinery and equipment from renowned conglomerates like Tenova and Danieli. Currently, TVP's products are available in various countries and territories worldwide.
SMC Trading Investment Joint Stock Company
Starting off as Building Materials Store No. 15, SMC swiftly expanded to become an investment and trading joint stock company. With over 35 years of establishment and growth, SMC steel mill commits to upholding a reputable and professional role in steel distribution, processing operations and manufacturing. By continuously refining and innovating in quality and service, SMC consistently improves to meet the diverse demands of customers and the market.
Tay Nam Steel
Established between 2016 and 2022, Tay Nam Steel completely separated from Vina One to become an independent company. Tay Nam is recognized as one of the most reputable steel mills in the southern region. With the aim of supplying and promoting high-quality Vietnamese steel to the international market, Tay Nam Steel has continuously researched and focused on producing key products, including galvanized steel, cold-rolled steel, steel pipes, and various other construction materials. The Tay Nam steel mill has also prioritized investments in advanced, modern technologies, employing a team of highly skilled experts with rich experience. All of Tay Nam's steel products meet international standards while maintaining reasonable prices and ensuring top-quality service.
T.Huong
Source: Vitic