AsemconnectVietnam - According to the data from the General Department of Vietnam Customs, Vietnam exported 6.7 million tonnes of iron and steel products in the first 7 months of 2026, generating a turnover of $4.55 billion.

This represents a 4.2% increase in volume and a 7.4% increase in value compared to the same period of 2025.
The average export price stood at $678.88 per tonne, up by 3.16% year-on-year. These results indicated that iron and steel exports maintained positive growth momentum, with improvements in both volume and value; notably, export value grew faster than volume, driven by the rise in average export prices.
In July of 2026 alone, Vietnam's iron and steel exports exceeded 1.1 million tonnes, marking a 38.3% increase from June of 2026 and a 47.7% rise compared to July of 2025. The export turnover surpassed $849.9 million, up by 38.8% month-on-month and 57.37% year-on-year. The average export price reached $733.96 per tonne, a slight increase of 0.33% from June of 2026 and a 6.54% rise compared to the same period the previous year.
Thus, iron and steel exports recorded positive growth in both volume and value during July of 2026, while average export prices continued to improve, contributing to the overall growth of Vietnam's iron and steel export turnover for the first 7 months of the year.
Leading iron and steel export markets of Vietnam in the first 7 months of 2026
In the first seven months of 2026, the United States was Vietnam's largest export market for iron and steel by value, with shipments totaling 913,719 tonnes and a value of US$581.08 million, representing sharp increases of 47.56% in volume and 49.04% in value compared to the same period the previous year. The U.S. accounted for 13.64% of the total volume and 12.78% of the total value of the country's iron and steel exports. These results indicated that import demand from the U.S. market remains robust, serving as a key driver for the growth of Vietnam's steel exports.
Cambodia ranked second, importing 906,372 tonnes valued at US$539.3 million, an increase of 2.19% in volume and 6.25% in value. Cambodia accounted for 13.53% of the total export volume and 11.86% of the total export value. It remains a vital market for Vietnamese steel, thanks to its favorable geographical location, competitive logistics costs, and relatively stable construction demand.
India ranked third in terms of export value, with shipments of 413,942 tonnes valued at US$420.67 million. While export volume to this market fell by 26.06%, the export value remained virtually flat, rising by only 0.08% year-on-year. This divergence between volume and value indicates a significant rise in the average export price to India, which partially offset the decline in volume.
Among ASEAN markets, Indonesia continued to post positive results, with imports totaling 469,514 tonnes valued at US$268.05 million, an increase of 23.56% in volume and 20.43% in value.
The exports to Malaysia reached 422,968 tonnes valued at US$274.83 million, marking increases of 14.72% and 15.85%, respectively. Meanwhile, the exports to Thailand totaled 190,297 tonnes worth US$154.23 million; while volume fell by 5.45%, the export value saw a slight rise of 2.1%. This indicated divergent demand trends across ASEAN markets, with Indonesia and Malaysia maintaining growth while Thailand shows signs of a slowdown.
In Europe, Belgium remained a notable market, importing 435,075 tonnes valued at US$262.66 million, an increase of 35.92% in volume and 14.14% in value. Significantly, the exports to Poland recorded explosive growth, reaching 231,281 tonnes (US$164.28 million), up by 338.86% in volume and 246.81% in value year-on-year. These results reflect a marked improvement in demand for Vietnamese steel in certain European markets and demonstrate that Vietnamese enterprises are successfully expanding into countries with growth potential.
Conversely, many traditional European markets continued to experience sharp declines. The exports to Italy totaled 380,804 tonnes valued at US$229.66 million, down by 41.85% in volume and 44.35% in value. The exports to Spain dropped by 50.93% in volume and 47.48% in value, while exports to Germany fell to just 3,180 tonnes (US$3.15 million), representing declines of 95.01% and 89.79%, respectively. The downturn in certain European markets highlights that the steel industry remains affected by uneven demand recovery, intense competition, and increasingly stringent requirements regarding environmental standards, trade defense measures, and product origin.
Among emerging markets, Brazil continued to stand out as the most notable bright spot. In the first seven months of the year, Vietnam exported 545,089 tonnes of steel to Brazil, valued at US$375.41 million, representing surges of 317.32% in volume and 457.3% in value compared to the same period last year. It is one of the fastest-growing markets and has risen to become the fourth-largest destination for Vietnam's iron and steel exports.
Turkey also posted positive results, with exports reaching 142,161 tonnes valued at US$86.07 million, an increase of 128.94% in volume and 71.64% in value. Notably, Russia continued to record exceptional growth, with export volumes hitting 15,361 tonnes valued at US$29.47 million, representing surges of 2,594.91% in volume and 4,882.67% in value. The Philippines also maintained its upward momentum, with exports totaling 62,290 tonnes and US$32.35 million, marking increases of 25.3% in volume and 30% in value, respectively.
In contrast to these markets showing positive growth, many traditional markets continued to experience declines. The exports to Australia fell by 25.85% in volume and 15.8% in value; Taiwan (China) saw a drop of 20.37% in volume and 8.08% in value; and South Korea recorded decreases of 21.75% in volume and 47.54% in value. The exports to the UK declined by 34.17% in volume and 32.25% in value, while Singapore saw sharp drops of 82.23% in volume and 61.55% in value. These trends reflect a clear divergence in steel consumption demand across markets and indicate that Vietnamese steel is facing increasingly fierce competition from supplies originating in major producing nations.
Overall, during the first seven months of 2026, Vietnam's iron and steel exports maintained positive growth momentum, with volume rising by 4.2% and export value increasing by 7.4% compared to the same period the previous year. The United States and Cambodia remain the key export markets, while Brazil, Poland, Turkey, and Russia have emerged as markets with high growth rates. Notably, the fact that export turnover grew faster than volume indicates an improvement in average export prices, thereby supporting the growth of export value.
Source: VITIC/Asem