- VIETNAM RISES TO THE TOP 10 LARGEST STEEL-PRODUCING COUNTRIES IN THE WORLD
- PUBLIC INVESTMENT ACCELERATES: A LEVER TO PROMOTE THE STEEL INDUSTRY
- VIETNAM’S STEEL INDUSTRY STRENGTHENS DOMESTIC TRADE REMEDIES, IMPROVES INTERNAL RESOURCES TO MAKE A BREAKTHROUGH IN THE NEW PERIOD
Vietnam’s steel market in 2026 breaks through thanks to the thrust from public investment and domestic demand
After a period of being heavily affected by global economic fluctuations, Vietnam’s steel market in 2026 is showing clear signs of recovery. The increase in public investment, large-scale infrastructure projects along with the gradual prosperity of the real estate market have created an important driving force for the steel industry to grow strongly in the first 6 months of the year.
Not only recording a high increase in production and consumption, the steel industry also continues to affirm Vietnam’s position in the group of leading steel-producing countries in the world. This is considered an important foundation for steel enterprises to expand production scale and improve competitiveness in the coming period.
Steel production increased by nearly 27%, Vietnam continues to maintain its position on the world steel map
According to data from the Vietnam Steel Association (VSA), in the first 6 months of 2026, crude steel output will reach 15.18 million tons, up 26.9% over the same period in 2025. This increase is significantly higher than the growth rate of the processing and manufacturing industry (11.4%), the whole industry (10.8%) and the construction industry (9.51%).
In the same period, crude steel consumption reached 14.81 million tons, up 25.5%, while crude steel exports reached 1.696 million tons, up 5.3%. These figures show that market demand is recovering strongly and Vietnam continues to maintain its position in the Top 10 largest crude steel producing countries in the world.
Domestic steel consumption grew positively, many segments regained momentum
Not only crude steel, the finished steel group also recorded positive results.
In the first 6 months of 2026:
- Finished steel production reached 18.21 million tons, up 15.1%.
- Consumption of finished steel products reached 17.954 million tons, up 14.2% over the same period last year.
The recovery mainly came from the construction steel and hot-rolled steel groups, thanks to the growing demand of infrastructure, industrial and civil projects.
However, the growth picture is still divergent. Galvanized steel and cold-rolled steel continued to decline in both output and consumption because export demand has not fully recovered and is affected by the international market.
Steel exports face many challenges but still maintain stable momentum
In addition to the prosperous domestic market, export activities are still under pressure from trade remedies and the trend of green transformation in many countries.
According to VSA, although exports in June and the second quarter of 2026 have improved, this result has not yet made up for the decline in the first months of the year. Steel enterprises are actively expanding the market and improving product quality to adapt to the increasingly demanding requirements of import markets.
In the first 6 months of the year, Vietnam imported about 7.8 million tons of iron and steel with a value of more than 5.6 billion USD, while finished steel exports reached about 5.5 million tons, bringing in about 3.7 billion USD.
FTA continues to expand development space for Vietnam’s steel industry
One of the great advantages of Vietnam’s steel industry is the network of 19 Free Trade Agreements (FTAs) that have been signed as of the end of June 2026. This creates favorable conditions for businesses to access major markets such as ASEAN, the EU, the United States and India.
However, the trend of increasing anti-dumping, anti-subsidy and technical barrier investigations globally will continue to be a major challenge for export activities. This requires businesses to invest more heavily in technology, green production and improve their capacity to meet international standards.
Vietnam Steel Market Outlook 2026: A Foundation for Growth in a New Phase
Based on production, consumption, and investment trends, the outlook for Vietnam’s steel industry in 2026 is considered positive . Public investment continues to be boosted, the construction market is gradually recovering, and FTAs are opening up more opportunities to access international markets.
Despite still facing pressure from trade protectionism and green transition requirements, Vietnam’s steel industry possesses many favorable foundations to enter a new growth cycle. By effectively leveraging its production capacity, technological innovation, and expanding export markets, steel companies have ample opportunity to enhance their position in the global steel supply chain.
Source: Vietnam Steel Association (VSA), Vietnam Steel Association Newsletter July 2026 ; data compiled from VSA and VITIC member companies.
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