Vietnam's steel industry saw a decline in steel production during the first two months of 2025, while sales experienced a significant increase. According to the Vietnam Steel Association (VSA), finished steel production in February 2025 totaled 2.15 million metric tons (mt), marking a 6.25% decrease compared to January and remaining relatively stable compared to February 2024. Despite this decline in production, steel product sales in Vietnam surged by 16.63% month-on-month to 2.4 million mt, representing a 29.8% increase year-on-year.
In the January-February period, steel production in Vietnam totaled 4.45 million mt, reflecting a 5.2% year-on-year decrease, while steel sales in the same period increased by 4.6% year-on-year to 4.48 million mt, suggesting a stronger domestic demand for steel products.
Imports and Exports of Finished Steel
In January 2025, Vietnam's finished steel imports dropped significantly by 38.89% from December 2024 and 36.18% year-on-year, totaling 950,000 mt. On the other hand, finished steel exports totaled 919,000 mt, showing a 26.48% increase month-on-month, but a 20.7% decline year-on-year.
This shift in production, sales, imports, and exports highlights a mixed but positive outlook for Vietnam's steel sector, with strong sales growth helping to offset challenges in production and imports.
VietnamSteel by Hoa Sen Group
