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Steel Market to Grow Significantly by Leading Players 2023 to 2031

Pune, India - (NewMediaWire) - March 3, 2023 -  "Vietnam Steel" Size, Scope, and Forecast 2023-2031 report has been added to the Market Research Archive of Absolute Reports. Industry experts and researchers have offered an authoritative and concise analysis of the Global Vietnam Steel with respect to various aspects such as growth factors, challenges, restraints, developments, trends, and opportunities for growth. This report will surely be a handy tool for market players to come up with effective strategies with the aim of strengthening their positions in the market.

What is the Vietnam Steel growth?

Vietnam Steel Industry Overview

Vietnam steel industry includes more than 100 companies, According to Researchers analysis, of which the larger ones include Hoa Phat Steel, Hoa Sen Steel, Vietnam Steel Corporation, SMC Steel Company Limited, VSC-POSCO STEEL CORPORATION (VPS), Formosa Ha Tinh Steel Corporation (FHS) and so on.

The growth rate of Vietnam’s GDP in 2020 was about 2.9%. Considering the spread of COVID-19 in 2020, the annual GDP growth rate of 2.9% is already a good figure in the world. In 2021, the growth rate of Vietnam’s GDP is 2.6%. Vietnam’s economy has been increasing rapidly for many years, but wages of the manufacturing are still at a low level, which were less than 50% in China and far below that of the developed countries in 2021.

According to Researchers analysis, as Vietnam’s economy develops and the living standards of residents rise, the demand for steel in the industries such as construction, automobiles and home appliances is also going up. The rapid development of steel demand has attracted many steel enterprises to build new steel capacity in Vietnam.

As the COVID-19 epidemic in Vietnam has been effectively controlled, the steel industry in Vietnam will not be greatly affected in 2020. Overall, Vietnam’s steel industry is still growing, and the homemade steel cannot meet the needs of the domestic market.

According to Researchers analysis, in 2021, the production volume of crude steel in Vietnam reached 26.15 million tons, representing a CAGR of 32.7% from 2013 to 2021.

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Based on Researchers' analysis, seeing the huge potential of the steel market in Vietnam and even Southeast Asia, many enterprises have invested in Vietnam’s steel industry in recent years. The largest investment case is Formosa Ha Tinh Steel Corporation (FHS), which is a joint venture by Formosa Plastic Group, China Steel Corporation and Japan’s JFE Holdings, with a first-phase investment of more than USD 10 billion.

Due to the rapid increase in production capacity of the steel industry in recent years, the supply of some types of steel in Vietnam has exceeded the demand, including concrete iron or steel for construction, cold-rolled steel coil products, etc. In order to reduce large quantities of imports such as hot-rolled steel coils and electromagnetic steel sheets, the Vietnam government is actively attracting foreign investors to establish positions in the country.

At present, the Vietnamese government has not formulated nationwide policies for foreign investment in the steel industry. However, steel companies have been set up in many industrial parks in Vietnam, which are granted with preferential policies in taxation and other aspects.

In addition, as Vietnam’s manufacturing and construction industries develop rapidly, the demand for steel will continue to increase. It is estimated that, during 2022-2031, Vietnam’s roads, airports and other infrastructure, housing construction, automobile, home appliances and other industries will all maintain a high growth rate.

On the whole, most of the domestic steel manufacturers are extremely low in production capacity (no more than 1 million tons a year), with the outdated equipment. Foreign-funded enterprises have seen great market prospects in investing in the steel industry of Vietnam, especially to establish one-stop businesses from the production of crude steel to the processing of various kinds of steel.

For one thing, these steel enterprises can market in Vietnam. For another, they can export products to the Southeast Asian market with a total population of nearly 700 million, and even to the Asia-Pacific market with a population of more than 2 billion.

Researchers considers that the Vietnam steel market will become one of the fastest growing markets in the world from 2022 to 2031. Meanwhile, the CAGR of production volume of crude steel is projected to exceed 15%. By 2024, Vietnam will become a net exporter of steel.

Browse Detailed TOC, Tables and Figures with Charts which is spread across 60 Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.

Client Focus

1. Does this report consider the impact of COVID-19 and the Russia-Ukraine war on the Vietnam Steel?

Yes. As the COVID-19 and the Russia-Ukraine war are profoundly affecting the global supply chain relationship and raw material price system, we have definitely taken them into consideration throughout the research, in Chapters, we elaborate at full length on the impact of the pandemic and the war on the Vietnam Steel Industry.

Final Report will add the analysis of the impact of Russia-Ukraine War and COVID-19 on this Vietnam Steel Industry.


This report provides a pin-point analysis of changing dynamics and emerging trends in the Global Vietnam Steel. Additionally, it provides a futuristic perspective on various factors that are likely to fuel the growth of the Global Vietnam Steel in the coming years. Further, the authors of the report have shed light on the factors that may hinder the growth of the Global Vietnam Steel.

Vietnam Steel - Competitive and Segmentation Analysis:

2. How do you determine the list of the key players included in the report?

With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.

Top Key Players of the Global Vietnam Steel

1 HOA PHAT Steel
2 HOA SEN Group
3 VIET NAM Steel Corporation
4 SMC Steel Company Limited
5 VSC – Posco Steel Corporation (VPS)
6 Formosa Ha Tinh Steel Corporation (FHS)

Short Description About Vietnam Steel:

The Global Vietnam Steel is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

This report studies the Vietnam Steel, covering market size for segment by type, by application, by sales channel (Direct Channel, Distribution Channel), and by region (North America, Europe, Asia-Pacific, South America and Middle East & Africa).

This report provides detailed historical analysis of global market for Vietnam Steel from 2015-2020, and provides extensive market forecasts from 2023-2031 by region/country and subsectors. It covers the sales/revenue/value, gross margin, historical growth and future perspectives in the Vietnam Steel.

Moreover, the impact of COVID-19 is also concerned. Since outbreak in December 2019, the COVID-19 virus has spread to all around the world and caused huge losses of lives and economy, and the global manufacturing, tourism and financial markets have been hit hard, while the online market/industry increase. Fortunately, with the development of vaccine and other effort by global governments and organizations, the negative impact of COVID-19 is expected to subside and the global economy is expected to recover.

This research covers COVID-19 impacts on the upstream, midstream and downstream industries. Moreover, this research provides an in-depth market evaluation by highlighting information on various aspects covering market dynamics like drivers, barriers, opportunities, threats, and industry news & trends. In the end, this report also provides in-depth analysis and professional advices on how to face the post COIVD-19 period.

The research methodology used to estimate and forecast this market begins by capturing the revenues of the key players and their shares in the market. Various secondary sources such as press releases, annual reports, non-profit organizations, industry associations, governmental agencies and customs data, have been used to identify and collect information useful for this extensive commercial study of the market. Calculations based on this led to the overall market size. After arriving at the overall market size, the total market has been split into several segments and sub-segments, which have then been verified through primary research by conducting extensive interviews with industry experts such as CEOs, VPs, directors, and executives. The data triangulation and market breakdown procedures have been employed to complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments.

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3. What are your main data sources?

Both Primary and Secondary data sources are being used while compiling the report.

Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users.Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2023-2031) of the following regions are covered in Chapter 4 and Chapter 7:

  • North America (United States, Canada and Mexico)
  • Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
  • Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
  • South America (Brazil, Argentina, Columbia etc.)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa

Please find a more complete list of data sources in Chapters

1.To study and analyze the global Vietnam Steel consumption (value) by key regions/countries, product type and application

2.To understand the structure of Vietnam Steel by identifying its various sub segments.

3.Focuses on the key global Vietnam Steel manufacturers, to define, describe and analyze the value, market share, market competition landscape, Porter's five forces analysis, SWOT analysis and development plans in next few years.

4.To analyze the Vietnam Steel with respect to individual growth trends, future prospects, and their contribution to the total market.

5.To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

6.To project the consumption of Vietnam Steel submarkets, with respect to key regions (along with their respective key countries).

7.To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.

8.To strategically profile the key players and comprehensively analyze their growth strategies.

Customization of the Report

4. Can I modify the scope of the report and customize it to suit my requirements?

Yes. Customized requirements of multi-dimensional, deep-level and high-quality can help our customers precisely grasp market opportunities, effortlessly confront market challenges, properly formulate market strategies and act promptly, thus to win them sufficient time and space for market competition.

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Detailed TOC of Vietnam Steel Market Insights and Forecast to 2031

1 Development Environment of Vietnam Steel Industry

1.1 Economic Environment

1.1.1 Vietnam’s Economy

1.1.2 Foreign Investment in Vietnam Steel Industry

1.1.3 Minimum Wage Standard in Vietnam

1.1.4 The impact of COVID-19 on Vietnam’s Steel Industry

1.2 Policy Environment

1.2.1 Policies Related to Steel Industry

1.2.2 Preferential Policies on Foreign Investment

1.3 Research Methods of the Report

1.3.1 Parameters and Assumptions

1.3.2 Data Sources

1.4 About CRI


2 Market Status of Vietnam Steel Industry, 2015-2021

2.1 Supply

2.1.1 Production Capacity

2.1.2 Production Volume

2.2 Demand on Vietnam Steel Market

2.2.1 Total Demand

2.2.2 Demand Structure

2.2.3 Steel Price

2.3 Competition Structure of Vietnam Steel Market

2.3.1 Upstream Suppliers

2.3.2 Downstream Customers

2.3.3 Competition in Steel Industry

2.3.4 Potential Entrants

2.3.5 Substitutes


3 Analysis on Import and Export of Steel in Vietnam, 2015-2021

3.1 Import

3.1.1 Import Overview

3.1.2 Major Import Sources

3.2 Export

3.2.1 Export Overview

3.2.2 Export Destinations


4 Major Steel Manufacturers in Vietnam, 2019-2021

4.1 HOA PHAT Steel

4.1.1 Profile

4.1.2 Operations

4.2 HOA SEN Group

4.3 VIET NAM Steel Corporation

4.4 SMC Steel Company Limited

4.5 VSC – Posco Steel Corporation (VPS)

4.6 Formosa Ha Tinh Steel Corporation (FHS)

4.7 Others


5 Prospect of Vietnam Steel Market, 2022-2031

5.1 Factors Influencing Development

5.1.1 Market Opportunities and Driving Forces

5.1.2 Threats and Challenges

5.2 Forecast on Supply and Demand

5.2.1 Forecast on Production Volume

5.2.2 Forecast on Demand

5.2.3 Forecast on Import and Export

5.3 Analysis on Investment Opportunities in Vietnam Steel Industry

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