Vietnam Steel Market 2025 - Top Regions, Latest Technology, Investment Opportunities, Future Trends and Outlook 2033

Vietnam Steel Market Overview

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Size in 2024: USD 4.9 Billion

Market Forecast in 2033: USD 6.4 Billion

Market Growth Rate (2025-33): 2.70%

Vietnam steel market size reached USD 4.9 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 6.4 Billion by 2033, exhibiting a growth rate (CAGR) of 2.70% during 2025-2033. The rapid urbanization and industrialization in Vietnam, burgeoning automotive industry, introduction of various government initiatives and investments, flourishing shipbuilding in Vietnam, and rising foreign direct investments (FDIs) in the country represent some of the key factors driving the market.

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Vietnam Steel Market Trends and Drivers:

The Vietnamese steel market is currently on a significant upward trajectory, largely fueled by the government's bold public investment strategy. This isn't just a fleeting surge; it's a fundamental change driven by a steadfast commitment to modernizing the nation's infrastructure. A staggering amount of capital, surpassing hundreds of trillions of VND, is being funneled into a range of mega-projects, such as the extensive North-South Expressway system, major expansions of international airports like Long Thanh, and the development of extensive urban rail networks in both Hanoi and Ho Chi Minh City. This public spending serves as a powerful catalyst, encouraging private sector investments in real estate, including high-rise residential buildings, industrial parks, and large commercial complexes. As a result, the demand for long steel products, particularly rebar and wire rod used in reinforced concrete, is showing impressive resilience and growth. This creates a solid foundation for the market, protecting it from global fluctuations to a large extent and ensuring a consistent, domestically-driven consumption pipeline for the foreseeable future. The health of the market is now closely tied to the careful implementation of these national development plans, making the rates of government disbursement a crucial indicator for industry stakeholders.

A major shift that's reshaping the future of the steel industry is the rapid move towards environmentally friendly steel production, often referred to as 'green steel'. Increasing pressure from international markets, especially the European Union with its Carbon Border Adjustment Mechanism (CBAM), along with stricter domestic environmental regulations, is pushing Vietnamese manufacturers to completely rethink their production methods. The traditional use of basic oxygen furnace (BOF) technology, known for its high carbon emissions, is gradually being replaced by investments in electric arc furnace (EAF) technology, which primarily uses metal and has a much smaller carbon footprint. Leading steel mills are unveiling ambitious plans to achieve carbon neutrality, pouring resources into waste-heat recovery systems, tapping into renewable energy sources, and investigating emerging technologies like hydrogen-based direct reduced iron (DRI). This strategic shift is no longer just about reputation; it's become a crucial economic necessity to keep access to high-value export markets and ensure long-term competitiveness. Producers who take the lead in this green transition are setting themselves up to capture more value and secure their spot in the future global supply chain.

The market today is a whirlwind of change, shaped by a complex trade environment that's constantly evolving. We're seeing strategic shifts in supply chains and a clever use of trade defense tools. After relying heavily on imports, particularly for high-value flat products like hot-rolled and cold-rolled coils, domestic production has really taken off. Major integrated mills are now close to being self-sufficient in several key product areas, which has led to a significant drop in imports from traditional suppliers like China and South Korea. This surge in domestic capacity has flipped the market from a deficit to a potential surplus, ramping up competition and pushing producers to explore export opportunities throughout ASEAN and beyond. In response, both the government and industry groups are stepping up their game, implementing safeguards, anti-dumping duties, and anti-subsidy investigations to shield the emerging domestic industry from what they see as unfair and aggressive pricing from imports. As a result, we have a tightly controlled market where trade flows are always shifting in reaction to new tariff decisions and bilateral agreements, making it essential for participants to stay nimble and well-informed in their supply chain strategies to navigate this regulatory maze.

Vietnam Steel Market Industry Segmentation:

Type Insights:

Flat Steel
Long Steel

Product Insights:

Structural Steel
Prestressing Steel
Bright Steel
Welding Wire and Rod
Iron Steel Wire
Ropes
Braids

Application Insights:

Building and Construction
Electrical Appliances
Metal Products
Automotive
Transportation
Mechanical Equipment
Domestic Appliances

Regional Insights:

Northern Vietnam
Central Vietnam
Southern Vietnam

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Ask Our Expert & Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/request?type=report&id=19491&flag=C

Key highlights of the Report:

Market Performance (2019-2024)
Market Outlook (2025-2033)
COVID-19 Impact on the Market
Porter's Five Forces Analysis
Strategic Recommendations
Historical, Current and Future Market Trends
Market Drivers and Success Factors
SWOT Analysis
Structure of the Market
Value Chain Analysis
Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Contact Us:

IMARC Group

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Email: sales@imarcgroup.com

Tel No:(D) +91 120 433 0800

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About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

This release was published on openPR.