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Written by Rohit » Updated on: June 19th, 2025
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.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/vietnam-steel-market/requestsample
Vietnam Steel Market Trends and Drivers:
Market Drivers and Current Growth Dynamics
Infrastructure development is the primary growth driver, with large-scale investments in transportation and urban renewal projects.
Rising demand for construction-grade steel supports national housing and commercial real estate needs amid ongoing urbanization.
A robust manufacturing sector—particularly electronics, automotive, and machinery—is fueling demand for flat steel and specialty alloys.
Domestic steel producers are expanding capacity and diversifying offerings, helping to reduce import dependence.
Government support through industrialization policies and economic zone development is catalyzing supply chain expansion.
Urban migration is contributing to sustained residential and commercial construction, ensuring consistent steel demand.
Technological Advancement and Sustainability Trends
Leading firms are modernizing production with energy-efficient technologies and lower-emission steelmaking methods (e.g., electric arc furnaces).
Future pathways include green hydrogen integration to meet global sustainability standards.
Focus on advanced steel grades supports lightweight automotive design and high-rise construction.
Digital transformation is being embraced for better operational efficiency, supply chain visibility, and customer service.
The industry is fostering a skilled workforce to handle new technologies and complex production processes.
Sustainability efforts align with international environmental standards, improving export competitiveness.
Strategic Outlook and Future Opportunities
Continued economic growth and middle-class expansion support long-term domestic steel consumption across sectors.
Vietnam’s role as a manufacturing hub in Southeast Asia is attracting FDI and boosting demand for industrial-grade steel.
Export potential is rising, particularly within ASEAN, supported by trade agreements and growing reputation for quality.
Key focus areas include:
Development of high-value-added steel products
Embracing circular economy principles (e.g., steel scrap recycling infrastructure)
Deeper integration of smart manufacturing (e.g., automation, AI-driven quality control)
Government support and industry innovation are setting the stage for a transformative leap towards sustainability, sophistication, and global competitiveness.
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.
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.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
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