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Vietnam has approved a long-term development strategy for its steel industry, shifting the sector's focus from scale expansion to high-value-added, environmentally friendly products. 47F450 Non oriented magnetic steel, This strategy also lays the foundation for establishing domestic and international steel exchanges to enhance market transparency and connectivity with the global market.
On Monday, Vietnamese Deputy Prime Minister Bui Thanh Son signed Decision No. 261/QD-TTg, formally approving the "Steel Industry Development Strategy (to 2030, with a vision to 2050)."
According to the plan, Vietnam's steel industry will gradually move away from a "volume-driven" growth model, focusing on developing high-value-added products that meet domestic and international standards. 47F450 Non oriented magnetic steel, Simultaneously, it will reduce environmental impact, improve resource utilization efficiency, and promote export growth and enhanced international competitiveness.
By 2030, Vietnam's steel industry is projected to meet 80%-85% of domestic demand. Crude steel production is expected to reach 25-26 million tons, with an average annual growth rate of 7%-8%; finished steel production is projected to reach 32-33 million tons, with an average annual growth rate of 5.5%-6.5%; and per capita steel consumption is projected to be 270-280 kg.
During the 2030-2035 period, the domestic supply security rate will increase to 85%-90%, with a focus on developing high-value-added steel products serving supporting industries such as automobiles, shipbuilding, machinery manufacturing, and energy. During this period, crude steel production is projected to increase at an average annual growth rate of 6%-7% to 33-36 million tons, and finished steel production is projected to reach 40-43 million tons, with an average annual growth rate of 4.5%-5.5%; per capita steel consumption is projected to rise to 340-360 kg.
In the longer term, the government projects that by 2050, Vietnam's crude steel production capacity will reach 65-70 million tons, and finished steel production will reach 75-80 million tons, with per capita steel consumption approaching the level of developed economies (570-650 kg).
Strategic priorities include developing steel products that are not currently produced domestically but are in high demand, and increasing investment in advanced technologies, green steel, alloy steel, and specialty steels for manufacturing, strengthening the role of technological innovation in improving production efficiency and quality standards. 47F450 Non oriented magnetic steel, The plan also proposes mastering the production technologies for specialty steels needed for national strategic infrastructure, including steel for high-speed railways.
In terms of the distribution system, Vietnam will build a nationwide steel distribution and trading network, including domestic and international steel exchanges, supported by digital platforms and intelligent management models, to promote greater market transparency and standardization.
At the policy level, the government will encourage domestic iron ore resource exploration and development, expedite project approval processes, improve land acquisition, resettlement, and employment mechanisms in mining areas, strengthen trade remedy measures to protect the domestic market, and establish an early warning mechanism to help businesses cope with the risks of global trade frictions.
In terms of industry operations, data from the Vietnam Iron and Steel Association shows that Vietnam's crude steel production will reach 24.7 million tons in 2025, a five-year high, representing a year-on-year increase of 12%; steel sales will reach 24.1 million tons, a year-on-year increase of 12.9%; and exports will reach 3.15 million tons, a year-on-year increase of 12.8%.
