Vietnamese steel affirms position in world market

ABO/NDO- The steel industry has affirmed its position by reaching the Top 12 in the world in terms of crude steel production. Not only is the production output growing rapidly, but Vietnamese steel products are also gradually becoming more diverse, according to the Vietnam Steel Association (VSA).

VSA Chairman Nghiem Xuan Da said that since 2015, Vietnam's steel industry has developed into one of the leading manufacturers in ASEAN in terms of production and sale of finished steel products. In 2023, it also ranked 12th globally in crude steel production, with an output of 20 million tonnes.

Nguyen Van Sua, an industry insider, said that before 2000, total crude steel output was only about 100,000 tonnes per year, mainly serving domestic demand.

Entering the 2000s, the emergence of private enterprises such as Hoa Phat, Hoa Sen and Viet Duc, and joint ventures with the Vietnam Steel Corporation such as Vina Kyoei, SSSC and Vinausteel quickly created significant changes in the structure of the steel industry.

Vietnamese steel affirms position in world market - Illustrative image (Photo: VNA).

These enterprises considerably improved the manufacturing capacity and product quality, and diversified types in the market. At that time, Vietnam turned out 0.5 million tonnes of crude steel and 2 million tonnes of products each year.

In 2001, the VSA officially came into being, with the participation of large enterprises. The association plays an important role in promoting cooperation between businesses, improving competitiveness and boosting efforts towards sustainable development. Its establishment has created favourable conditions for Vietnamese steel enterprises to learn from international experience, apply new technology and expand export markets, Sua noted.

He added that in recent years, businesses have strongly invested in modern technology, improved product quality and expanded export markets. The maintenance of an annual output growth rate of 10-15% has demonstrated the industry's strength and development potential. Besides, great strides have been recorded in the manufacturing of high-quality steel to gradually replace imports.

Da said that the diversity of products has helped the industry supplement the missing product ranges, meet domestic demand and improve its position in Southeast Asia. Thanks to these efforts, Vietnam's steel sector has affirmed its increasingly important role in the world's steel industry.

Investment in large and modern steel projects has boosted the crude steel production capacity and attracted interest from key industries such as mechanical engineering, construction and defence. This not only helps Vietnam's steel industry improve its standing in the international market but also makes an important contribution to national industrialisation and modernisation, added Da.

(Source: NDO)