VN's Steel industry ranks 12th in world crude steel production
This accomplishment not only highlights the industry's rapid growth in production output but also signifies its increasing independence and diversification of product types.
The Việt Nam Steel Association (VSA) has announced a significant achievement after it secured a position among the top 12 crude steel producers worldwide.
This accomplishment not only highlights the industry's rapid growth in production output but also signifies its increasing independence and diversification of product types.
Nghiêm Xuân Đa, Chairman of the Việt Nam Steel Association, said that since 2015, the industry has emerged as a leading manufacturer within ASEAN in terms of both production and consumption of finished steel products. In 2023, Việt Nam's crude steel production reached an impressive output of 20 million tonnes, propelling the country to 12th position globally.
Việt Nam's Central region is home to several significant industrial complexes, including the Hòa Phát Dung Quất Iron and Steel Production Complex, a modern and large-scale closed steel production facility that stands out in the region.
Steel industry expert Nguyễn Văn Sưa said that Việt Nam's has made remarkable progress, solidifying its position on the global steel map. Prior to 2000, the industry was relatively small and technologically limited, with key players like Thái Nguyên Iron and Steel in the North and Southern Steel Company. Crude steel output at that time was merely around 100,000 tonnes per year, primarily catering to domestic demand.
The 2000s witnessed a transformative period as private enterprises like Hòa Phát Steel, Hoa Sen Steel, Việt Đức Steel and joint ventures with Việt Nam Steel Corporation (Vinakyoei, SSSC, Vinausteel) emerged, reshaping the industry's structure.
Between 2011 and 2020, Việt Nam's steel industry experienced a significant boom. Industry giants such as Hòa Phát Steel and Formosa Hà Tĩnh made substantial investments in technology and expanded production capacity. Projects like Hòa Phát Group's current capacity of 8.5 million tonnes of crude steel per year and the Formosa Hà Tĩnh factory with a capacity of 7.5 million tonnes per year contributed to Việt Nam's increased crude steel output.
In 2020, Việt Nam's crude steel production reached 19.9 million tonnes, elevating the country to the 14th position globally and making it the leading consumer of finished steel within ASEAN, with consumption reaching 23.3 million tonnes. — VNS
