AsemconnectVietnam - Impact of Trump’s 25% Tariffs on Vietnam’s Steel and Aluminum Exports. Formosa Ha Tinh Receives BIS License Renewal for HRC Exports. Vietnam’s Crude Steel Production Grows in 2024. Vietnam Imposes Final Anti-Dumping Duties on Prestressed Steel Wire Rope from Three Countries. Vietnam’s Steel Production in November 2024: Monthly and Yearly Growth.

Impact of Trump’s 25% Tariffs on Vietnam’s Steel and Aluminum Exports
Despite former President Donald Trump’s new 25% tariff on steel and aluminum imports, Vietnam still has opportunities to export to the U.S. due to the country’s insufficient domestic production, according to Do Ngoc Hung, head of the Vietnam Trade Office in the U.S.
However, these tariffs are expected to lower profit margins and disrupt supply chains, pushing exporters to seek alternative markets. Some companies, such as Hoa Phat Group, have already expanded exports to more than 10 other countries in response to U.S. trade defense measures.
In 2024, Vietnam’s steel exports to the U.S. surged by 159% to $983 million, while aluminum exports increased by 9.5% to $479 million. The Vietnam Trade Office advises businesses to diversify their markets, comply with U.S. trade regulations, and prepare for possible trade defense investigations.
Trump’s policy eliminates all country exemptions and quota agreements, affecting global exporters, including Canada, Mexico, Japan, and South Korea.
Formosa Ha Tinh Receives BIS License Renewal for HRC Exports
The Bureau of Indian Standards (BIS) has renewed the export license for Vietnam’s Formosa Ha Tinh (FHS) to continue supplying hot-rolled coils (HRCs) and strips to India.
The renewed license, valid until December 4, 2025, applies to HRC grades IS 1079:2017 and HR0, with thicknesses from 1.20mm to 6mm and widths from 900mm to 1560mm.
This extension follows a previous renewal in May 2024, which was valid until December 2024.
Vietnam’s Crude Steel Production Grows in 2024
According to the Vietnam Steel Association (VSA), crude steel production in 2024 reached nearly 22 million tons, marking a 14% year-on-year increase. Total domestic consumption and exports amounted to 21.4 million tons, also up 14%.
Annual steel production was 29.44 million tons, a 6.1% increase, while total sales volume rose 10.4% to 29.1 million tons.
Vietnam imported 17.7 million tons of finished steel in 2024, a 32.88% year-on-year increase, with an import value exceeding $12.58 billion (+20.64%).
At the same time, steel exports grew by 13.47% to 12.62 million tons, reaching a total export value of $9.08 billion (+8.78%).
Vietnam Imposes Final Anti-Dumping Duties on Prestressed Steel Wire Rope from Three Countries
On January 14, 2025, the Ministry of Industry and Trade (MOIT) announced its final anti-dumping (AD) ruling on prestressed steel wire rope imports from Malaysia, Thailand, and China. AD duties ranging from 9.79% to 28% have been imposed on the involved companies:
• Malaysia: 9.79% – 12.06%
• Thailand: 11%
• China: 10.48% – 28%
The affected products fall under HS codes 7312.10.91 and 7312.10.99. These duties took effect on January 15, 2025, and will remain in place for five years.
Vietnam’s Steel Production in November 2024: Monthly and Yearly Growth
According to VSA, crude steel production in November 2024 reached 1.9 million tons, up 1.8% month-on-month and 13% year-on-year.
However, finished steel production fell to 2.5 million tons, a 5.2% month-on-month decline, mainly due to a 10.66% drop in galvanized and coated steel. Despite the monthly decrease, total finished steel production still increased by 0.8% year-on-year.
For the first 11 months of 2024, crude steel production exceeded 20.06 million tons, growing by 16% year-on-year. Domestic consumption and exports combined reached 19.6 million tons, also up 16%.
During this period, finished steel production hit 26.9 million tons, a 7.7% increase, with galvanized and coated steel seeing the highest growth rate at 25.7%.
PM Encourages Hoa Phat Steel and THACO to Join High-Speed Railway Project
Prime Minister Pham Minh Chinh has encouraged Hoa Phat Steel and THACO to participate in Vietnam’s North-South high-speed railway project by producing rails and carriages.
During his visit to Hoa Phat Dung Quat Steel JSC on February 9, 2025, the PM acknowledged Hoa Phat’s progress, including its investment in eight projects within Dung Quat Economic Zone. The company recently achieved a milestone of 25 million tonnes of steel production and has contributed nearly VND 35 trillion ($1.4 billion) to the state budget while creating 19,000 jobs.
Hoa Phat is prioritizing the completion of the Hoa Phat Dung Quat 2 iron and steel complex to stabilize operations and develop high-quality steel products, particularly for key national infrastructure projects.
Chairman Tran Dinh Long stated that Hoa Phat is Vietnam’s largest steel producer and among the world’s top 50 steel enterprises, exporting to 40 countries. Once the second complex is completed, its annual production capacity will exceed 14 million tonnes, potentially placing Hoa Phat among the top 30 steel companies globally by 2025, with an expected annual growth of 15% until 2030.
T. Huong
Source: Vitic