AsemconnectVietnam - The data from the General Department of Vietnam Customs showed that, the country exported 7.9 million tonnes of iron and steel products in the first eight months of 2026, generating a turnover of US$5.43 billion.

This represents a year-on-year increase of 10.89% in volume and 16.04% in value compared to the same period of 2025. The average export price stood at US$686.91 per tonne, up by approximately 4.64% from the average recorded during the same period the previous year. These results indicate that iron and steel exports maintained positive growth momentum, with improvements in both volume and value; notably, export value grew at a faster pace than volume, driven by the rise in average export prices.
In August of 2026 alone, Vietnam's iron and steel exports exceeded 1.2 million tonnes, marking a 3.78% increase from July of 2026 and a sharp 73.49% rise compared to August of 2025. The export turnover reached over US$879.5 million, up by 3.47% from the previous month and 97.98% from July of 2025. The average export price was US$731.78 per tonne, a 0.3% decrease from July of 2026 but a 14.12% increase compared to the same period last year. In the first eight months of 2026, the United States remained Vietnam's largest export market for iron and steel by value, with shipments totaling 1.1 million tonnes valued at US$700.3 million, a sharp increase of 68.84% in volume and 67.85% in value compared to the same period last year.
The U.S. accounted for 13.96% of the total volume and 12.91% of the total value of Vietnam's iron and steel exports. This growth trend indicates sustained positive import demand from the U.S., serving as a key driver for the expansion of Vietnam's steel exports during this period.
Cambodia ranked second, importing 1.01 million tonnes valued at US$605.97 million; while export volume dipped slightly by 0.85%, the export value rose by 3.69% year-on-year. Cambodia accounted for 12.83% of the total volume and 11.17% of the total value of iron and steel exports. These figures suggest that export volumes to Cambodia remained relatively stable, while export value was bolstered by an improvement in average export prices. Thanks to its favorable geographical location, competitive logistics costs, and relatively stable construction demand, Cambodia remains a vital market for Vietnamese steel.
Brazil emerged as the fastest-growing market among major export destinations. During the first eight months of the year, Vietnam exported 682,323 tonnes of steel to Brazil, valued at US$488.62 million, representing a surge of 363.82% in volume and 534.09% in value compared to the same period last year. Brazil accounted for 8.64% of the total volume and 9% of the total value of Vietnam's iron and steel exports, rising to third place in terms of export value. This significant growth indicates a substantial expansion in demand for Vietnamese steel within the Brazilian market.
India ranked fourth in export value, with shipments totaling 437,166 tonnes valued at US$466.33 million. While export volume to this market fell by 33.87%, the export value declined by only about 2% year-on-year. This divergence between volume and value suggests a significant rise in the average export price to India, which partially offset the drop in tonnage. India was among the markets showing notable shifts in export value dynamics during the first eight months of the year.
Within the ASEAN region, Indonesia continued to post positive results, with exports reaching 485,845 tonnes and US$280.3 million, increases of 18.92% in volume and 16.09% in value. The exports to Malaysia totaled 495,125 tonnes (US$324.73 million), rising by 19.22% and 21.2%, respectively. Meanwhile, exports to Thailand reached 197,991 tonnes valued at US$164.1 million; although volume dropped by 7.81%, the export value remained virtually flat, edging up by just 0.04%. Overall, demand across ASEAN markets showed mixed trends, with Indonesia and Malaysia maintaining growth while Thailand showed signs of a slowdown. In Europe, Belgium remained a notable market, importing 475,564 tonnes valued at US$292.6 million, an increase of 41.58% in volume and 19.64% in value, accounting for 6.02% of the total volume and 5.39% of the total value of Vietnam's iron and steel exports. Poland recorded explosive growth, with imports reaching 238,649 tonnes (US$172 million), up by 324.65% in volume and 233.77% in value. Turkey also saw a sharp rise, reaching 295,308 tonnes valued at US$166.78 million, marking increases of 374.57% in volume and 231.01% in value. The significant growth in Poland and Türkiye indicates an expansion of exports into markets with high growth potential, thereby contributing to the diversification of consumption markets.
Conversely, several traditional markets experienced significant declines. The exports to Italy totaled 481,996 tonnes valued at US$304.97 million, down by 35.11% in volume and 34.52% in value; Spain imported 154,931 tonnes valued at US$124.05 million, a decrease of 39.09% and 34.05%, respectively. The exports to Germany stood at 13,341 tonnes (US$8.91 million), falling by 79.16% in volume and 71.39% in value. The exports to South Korea reached 161,320 tonnes valued at US$111.46 million, a decrease of 14.26% in volume and 40.91% in value. The shipments to Australia totaled 236,085 tonnes worth of US$165.22 million, down by 25.03% in volume and 14.01% in value, while the exports to the UK amounted to 113,675 tonnes valued at US$83.87 million, a decline of 14.31% in volume and 9.09% in value.
Among smaller markets, Japan continued to see growth, with exports reaching 57,126 tonnes valued at US$77.5 million,an increase of 59.38% in volume and 90.13% in value. The exports to Russia reached 18,474 tonnes worth of US$37.34 million, surging by 198.5% in volume and 659.15% in value; however, this rapid growth in the Russian market must be viewed in the context of a small export base and a low comparison figure from the same period last year. The Philippines also maintained its upward momentum, with exports totaling 62,759 tonnes and US$33 million, marking increases of 14.36% in volume and 20.33% in value.
Conversely, the exports to Singapore fell to 9,093 tonnes valued at US$10.55 million, a decline of 81.81% in volume and 62.45% in value. The exports to Hong Kong (China) reached only 385 tonnes worth of US$797,807, dropping 96.33% in volume and 83.62% in value, while Argentina saw declines of 94.59% in volume and 83.58% in value.
Overall, Vietnam's iron and steel exports maintained a positive growth trend. The United States and Cambodia remained key markets, while Brazil emerged as a notable growth driver. Other markets, including Poland, Turkey, Japan, Indonesia, and Malaysia, also showed promising signs. However, exports continued to face uneven demand recovery in traditional markets, alongside pressures stemming from steel prices, raw material and logistics costs, environmental standards, and trade remedy measures. These factors will continue to impact export prospects in the near term.
Source: VITIC