AsemconnectVietnam - According to calculations from the Vietnam Customs Department, in 2025, Vietnam exported more than 10.06 million tonnes of iron and steel, with a turnover of approximately US$6.63 billion, a decrease of more than 20% in volume and over 27% in value compared to the same period in 2024.

The average export price reached US$658.55/tonne, a decrease of 8.47% compared to the same period in 2024.
The decrease in steel export prices is mainly due to oversupply in the world market and fierce competition among major exporting countries such as China, India, and Russia, while steel demand in developed economies has decreased.
In this context, Vietnamese steel companies were forced to accept lower prices to maintain market share, leading to a sharp decrease in export value, although the export volume remains relatively large.
In December of 2025 alone, Vietnam's iron and steel exports reached 844,676 tonnes, a 31.1% increase compared to November of 2025 and a 16.14% increase compared to the same period in 2024; export value reached US$547.8 million, a 24.54% increase compared to November 2025 and a 2.87% increase compared to the same period in 2024, indicating improved import demand.
However, the average export price in December of 2025 was only US$648.55/tonne, a 5% decrease compared to November of 2025 and an 11.43% decrease compared to the same period in 2024, reflecting continued downward price pressure. This suggests that the growth in export value was mainly due to the increased export volume.
Vietnam's main steel export markets in 2025
In 2025, Cambodia was Vietnam's largest steel export market, with 1.46 million tonnes, valued at US$832.4 million, accounting for 14.5% of the volume and 12.56% of the value. Compared to 2024, the exports to this market showed positive growth, with a 21.36% increase in volume and a 12.43% increase in value. This result indicated that steel demand in Cambodia remains high, while Vietnamese steel benefits from its geographical proximity, low logistics costs, and stable trade relations. However, the slower growth rate in value compared to the growth in volume indicates that the average export price has decreased compared to 2024.
India was the second largest export market with 921,805 tonnes, valued at US$716.08 million, accounting for 9.16% of the volume and 10.81% of the value. Compared to 2024, the exports to India increased by 19.9% in volume while the value only increased by 2.61%, indicating that export prices are under strong downward pressure due to intense competition from domestic supply and countries in the region. The average export price reached US$776.83/tonne, a decrease of 14.42% year-on-year.
Italy ranked third, with 1.1 tonnes, valued at US$680.11 million, accounting for 10.98% of Vietnam's total iron and steel exports in 2025 and 10.26% of its total export value. Exports to Italy decreased by 14.74% in volume and 15.91% in value compared to 2024.
This decline reflects the continued low demand for steel in Europe due to slow economic growth, high energy costs, and increasingly stringent environmental regulations, including the Carbon Border Adjustment Mechanism (CBAM). This poses a significant challenge for Vietnamese steel in the EU market, forcing businesses to increase investment in green production technologies and improve quality standards to maintain and expand market share in the future.
Notably, the exports to the US experienced a sharp decline, reaching only over 807,000 tonnes, valued at approximately $531 million, a decrease of over 50% in volume and nearly 60% in value compared to 2024. This reflects the strong impact of trade protection measures, policies prioritizing domestic steel production, and the slowdown in construction and manufacturing activities in the US.
In the Asian region, iron and steel exports to markets such as Malaysia and Indonesia decreased sharply in both volume and value, while exports to Thailand and the Philippines showed positive growth, particularly exports to Thailand which increased by nearly 75% in volume and over 48% in value, reflecting differences in investment cycles and infrastructure policies among ASEAN countries.
Meanwhile, the exports to several markets such as the UK, Brazil, Turkey, Japan, the UAE, and Hong Kong (China) have fallen sharply, from 40% to nearly 90% in both volume and value, mainly due to the economic recession, high construction costs, and increasingly stringent import requirements.
The 2025 steel export forecast showed that the Vietnamese steel industry is facing many major challenges. The sharp decline in export value reflects the double pressure from weak demand and low selling prices.
However, maintaining an export volume of over 10 million tonnes, along with growth in some regional and new markets, demonstrates the competitiveness and adaptability of Vietnamese steel enterprises.
In the future, to improve export efficiency, the steel industry needs to focus on improving product quality, diversifying markets, and proactively adapting to increasingly stringent environmental and trade standards in the international market.
CK
Source: VITIC