Vietnam Steel Market Insights 2026: Double-Digit Growth in Crude Steel Production & Consumption Driven by Infrastructure Boom

Vietnam’s steel market experienced strong double-digit growth across both production and consumption in 2026, driven by public investment acceleration and real estate recovery. Crude steel output reached 15.18 million tonnes (+27% YoY) in H1 2026, outperforming the broader manufacturing sector (11.4%), while total crude consumption climbed to 14.81 million tonnes (+25.5% YoY). Despite trade defense hurdles in export destinations, Vietnam maintains its position among the Top 10 global crude steel producers (~9.7 million tonnes in the first four months alone).

1. Crude & Finished Steel Performance in H1 2026: Key Metrics & Data Breakdown

Vietnamese crude steel output and domestic consumption rebounded sharply, with Hot Rolled Coil (HRC) and construction steel leading overall industrial demand.

2. Domestic Market Share Dynamics: Key Industrial Leaders Shaping the Landscape

The Vietnamese domestic steel landscape remains concentrated among key mill integrated producers and specialized coaters with robust supply chain capabilities:

• Hoa Phat Group (HPG): Retains its #1 market share in construction steel at 35.84%. H1 revenue reached VND 108,060 billion (+47% YoY), with post-tax profits doubling to VND 15,480 billion.
• VNSteel: Holds the #2 position in construction steel with a 12.06% market share, reporting Q2 profits of VND 465 billion (+71% YoY).
• Coated Steel Segment (Sheet/Galvanized): Hoa Sen Group leads with 27.8% market share, followed by Ton Dong A (15.6%) and Nam Kim Steel (14.8%).

3. Strategic Challenges & Trade Barriers Facing Vietnamese Steel Exports

While domestic absorption remains healthy, Vietnamese steel exporters face headwinds across international trade corridors:

• Trade Defense Measures: Key global destinations are escalating safeguard duties (e.g., Egypt initiating safeguard tariffs in April 2026; Ukraine launching carbon steel coating investigations in May 2026).
• Import Squeeze: Low-cost imported steel—primarily from China—continues to undercut domestic price levels, putting pressure on local profit margins.
• Green Steel Mandates: Demanding export markets like the EU are tightening import quotas and requiring strict CBAM carbon standard compliance, forcing Vietnamese mills toward decarbonization.