AsemconnectVietnam - According to the data from the General Department of Vietnam Customs, Vietnam imported 9.06 million tonnes of iron and steel products with a total value of US$6.68 billion in the first 7 months of 2026.

Compared to the same period of 2025, import volume rose by 4%, while import value increased by 7.5%.
The average import price stood at US$737.96 per tonne, up by 3.35% year-on-year. These figures indicated sustained demand for iron and steel imports amidst improving domestic manufacturing, construction, and investment activities, alongside a rise in import price levels compared to the previous year.
In July of 2026 alone, Vietnam imported 1.366 million tonnes of iron and steel products; a 4% decrease from June of 2026 but an 18.97% increase compared to July of 2025. The import value reached US$1.07 billion, up by 2.8% month-on-month and 26.08% year-on-year. Meanwhile, the average import price was US$784.67 per tonne, marking increases of 7.91% from June of 2026 and 5.97% from July of 2025.
Although import volume dipped slightly in July compared to the previous month, the total value still rose due to a significant increase in the average import price. Year-on-year growth across volume, value, and average price reflects sustained high demand for iron and steel imports and an upward trend in import prices during July of 2026.
Leading iron and steel import markets of Vietnam in the first 7 months of 2026
Regarding import markets, China remained Vietnam's largest supplier of iron and steel, providing 4.5 million tonnes valued at US$3.09 billion, accounting for 49.75% of total volume and 46.27% of total import value. However, compared to the first 7 months of 2025, imports from China fell by 11.92% in volume and 4.79% in value. The continued decline in imports from China, set against a rise in the country's overall imports, indicated that Vietnamese enterprises are reducing their reliance on traditional sources and increasingly tapping into other markets.
Indonesia ranked second, supplying 858,925 tonnes valued at US$1.074 billion, representing 9.48% of total volume and 16.08% of total import value. Year-on-year, import volume rose by 15.83% and value by 20.55%. The average import price stood at US$1,251.19 per tonne, significantly higher than the overall average; this high price point suggests that iron and steel imports from Indonesia consist primarily of high-value products. With positive growth in both volume and value, Indonesia is playing an increasingly important role in Vietnam's iron and steel supply structure.
Japan ranked third, supplying 1.1 million tonnes valued at US$768.88 million, accounting for 12.15% of total volume and 11.5% of total import value. However, compared to the same period of 2025, imports from this market decreased by 19.14% in volume and 12.63% in value. The average import price was US$698.41 per tonne, an increase of 8.05% year-on-year. Although it retains a significant position in the import structure, Japanese steel is facing competitive pressure as Vietnamese enterprises expand their search for supplies from other markets offering more favorable prices and trade terms.
South Korea was the fourth-largest supplier, accounting for 864,945 tonnes valued at US$667.6 million, representing 9.55% of total volume and 9.99% of total value. While import volume rose by 3.67%, the value saw a slight decline of 2.27% year-on-year. The fact that volume increased while value fell suggests that South Korean steel holds a price advantage, thereby bolstering its competitiveness in the Vietnamese market.
India recorded the most remarkable growth in iron and steel imports during the first seven months of 2026. Vietnam imported 893,747 tonnes of iron and steel from this market, valued at US$479.1 million, an increase of 9,095.87% in volume and 1,564.81% in value compared to the same period of 2025. India accounted for 9.87% of total volume and 7.17% of total import value, emerging as a major supplier of iron and steel to Vietnam. This surge in growth is primarily attributed to the very low import levels from India during the corresponding period of 2025. The sharp rise in imports from India also indicates that Vietnamese enterprises are broadening their sourcing efforts, thereby gradually diversifying markets and reducing reliance on traditional suppliers. Regarding Taiwan (China), Vietnam imported 644,636 tonnes valued at US$411.54 million, marking increases of 33.35% in volume and 25.64% in value compared to the same period in 2025. This market accounted for 7.12% of the total volume and 6.16% of the total turnover. The strong growth from Taiwan, alongside rising imports from India and Indonesia, indicated a significant shift in the structure of Vietnam's steel supply in 2026.
In addition to key markets, several other countries also recorded high growth rates. Imports from Thailand rose by 53.86% in volume and 100.18% in value, while those from Malaysia increased by 47.54% and 42.5%, respectively. In Europe, import volumes surged: Belgium (up by 1,123.15%), France (up by 303.95%), Finland (up by 286.58%), the Netherlands (up by 217.41%), and Denmark (up by a staggering 4,557.58%). Singapore also saw an 876.47% increase in volume. These sharp increases likely stem from a trend among Vietnamese enterprises to expand and diversify their supply sources, seeking suppliers beyond traditional markets. Furthermore, markets offering advantages in product variety and quality, or capable of meeting demand for specialized steel products, may have contributed to this import growth. However, as the import scale from most of these markets remains small, the high growth rates are largely attributable to a low base of comparison and have not yet significantly altered the overall import structure.
Conversely, some supply sources recorded significant declines. Imports from South Africa fell by 82.51% in volume and 82.87% in value; Australia saw decreases of 31.47% and 34.03%, respectively; and Mexico dropped by 77.03% in volume and 81.05% in value. Imports from Spain declined by 30.21% in value, while those from the UK fell by 12.49% in volume and 30.64% in value. These trends indicate that the role of certain non-Asian supply sources remains limited, as Vietnamese enterprises prioritize markets that offer advantages regarding geographical proximity, logistics costs, and supply capabilities.
Overall, Vietnam's iron and steel imports continued their upward trend during the first seven months of 2026, with import volume rising by 4% and value increasing by 7.5% year-on-year. Notably, the growth in import value outpaced that of volume, reflecting an approximate 3.4% rise in average import prices. While China retained its leading position, its export volume to Vietnam continued to decline; conversely, the imports from Indonesia, India, South Korea, and Taiwan showed positive growth. In particular, India emerged as a rapidly expanding new source, contributing to the diversification of supply sources. These developments indicate that Vietnamese enterprises are becoming more flexible in their choice of import markets, while the structure of iron and steel supplies is shifting toward a gradual reduction in reliance on certain traditional markets.
Source: VITIC/Asem