Vietnam enters world’s top 10 steel producers for 1st time

Worldsteel estimated Vietnam produced 2.1 million metric tons of crude steel last month, up four percent from the same period last year. 

The output pushed the country into the global top 10 steel-producing economies.

During the first four months of 2026, Vietnam produced a total of 8.5 million metric tons of crude steel, marking an 8.4-percent increase compared with the same period in 2025.

Meanwhile, Iran, which had remained in the top 10 through February, dropped to 12th place with 1.8 million metric tons of output.

The decline followed reported attacks by Israel on Iran’s Khuzestan and Mobarakeh steel plants, disrupting the country’s steel industry.

Continued tensions involving the United States and Iran could help Vietnam maintain its position among the world’s top 10 steel producers throughout this year.

According to the Vietnam Steel Association, the country’s steel industry has expanded rapidly in both production scale and product diversity over the years.

In 2000, steel mills in Vietnam largely depended on imported billets to manufacture construction steel for domestic demand.

Since 2010, however, the industry has significantly improved self-sufficiency and now produces a wide range of steel products serving sectors including mechanical engineering, shipbuilding, renewable energy, and defense manufacturing.

Vietnam’s crude steel output reached a record high in 2025 at 24.6 million metric tons, up 12 percent from 2024.

Domestic steel consumption reached 24.1 million metric tons last year, rising 12.9 percent year on year, while exports totaled 3.15 million metric tons, up 12.8 percent.

Among the country’s major producers, Hoa Phat Group has emerged as the dominant player.

Its Hoa Phat Dung Quat steel complex now manufactures high-grade products including engineering steel, tire cord steel, welding wire steel, spring steel, bolts and screws, crane steel, and prestressed steel.

The company has also begun producing rail steel for high-speed railway projects and structural steel products.

In 2025, Hoa Phat produced 11 million metric tons of crude steel, accounting for nearly 45 percent of Vietnam’s total output.

Other major contributors include companies under Vietnam Steel Corporation and Formosa Ha Tinh Steel.

In 2026, Hoa Phat expects its crude steel output to exceed 14 million metric tons, up 30 percent from 2025, further strengthening Vietnam’s global position.

The Vietnam Steel Association forecasts the country’s steel sector will continue growing by 8-10 percent in 2026, with finished steel production expected to reach between 33 million and 34.5 million metric tons.

Domestic steel demand is projected at around 26 million metric tons this year.