Vietnam's steel production to grow by 2-3% in CY23

Steel production in Vietnam has been forecasted to increase by 2-3% y-o-y in 2023 to meet both domestic consumption and import demand according to the VSA (Vietnam Steel Association). However, the market is predicted to continue to be complex due to unexpected changes in global prices of both steel materials and products.

Vietnam's steel industry overview in CY 2022 Vietnam crude steel production reached 19.9 million tonnes (mnt) which is down by 11% y-o-y. The country's finished steel production reached 29 mnt which is down by 11.9% y-o-y. Vietnam's apparent steel consumption last year rose marginally, by 0.81% to 22.23 mnt. In 2022, Vietnam