Vietnam enters world’s top 10 steel-producing nations for first time

Vietnam has entered the top 10 crude steel producers for the first time, according to rankings from the World Steel Association (Worldsteel) released on May 22. Top 10 steel-producing nations (Data released by Worldsteel) In April, Worldsteel estimated Vietnam’s crude steel output at 2.1 million tonnes, up 4 per cent on-year. With this production level, Vietnam surpassed Italy to break into the top 10 countries with the world’s largest steel industries. In the first four months of 2026, Vietnam produced a total of 8.5 million tonnes of crude steel, representing an 8.4 per cent increase compared to the same period in 2025. Iran, which had remained in the top 10 until February, dropped to 12th place with output of 1.8 million tonnes. This decline followed Israeli airstrikes on two major Iranian steel plants, which severely disrupted the country’s steel industry. Given the ongoing tensions between the US and Iran, Vietnam is expected to maintain its position among the world’s top 10 throughout 2026. According to the Vietnam Steel Association, Vietnam’s industry has made remarkable progress in both production scale and product diversity. In 2000, domestic steel mills largely depended on imported billets to roll construction steel for the local market. However, since 2010, Vietnam’s steel industry has achieved major breakthroughs in self-sufficiency, producing a full range of steel products to meet the demands of the economy, including mechanical engineering, shipbuilding, energy projects such as wind power and offshore rigs, as well as the defence industry. Several large-scale and modern integrated steel complexes have been developed and put into operation, notably Hoa Phat Group’s Dung Quat integrated steel complex. The facility has pioneered the production of high-grade and technically demanding steel products, including engineering steel, tyre cord steel, welding wire steel, spring steel, bolt and screw steel, crane steel, prestressed steel, high-speed railway rail steel and structural steel. In 2023, Vietnam ranked 12th globally in crude steel production, with an output of 20 million tonnes. By 2025, the country’s crude steel output reached 24.6 million tonnes, the largest in Southeast Asia and the 11th highest in the world. Among producers, Hoa Phat Group made the largest contribution with 11 million tonnes, accounting for 44.7 per cent of total output. Other major contributors included companies under Vietnam Steel Corporation and Formosa Ha Tinh Steel. In 2026, crude steel production at Hoa Phat is projected to exceed 14 million tonnes, up 30 per cent from 2025. Steel industry faces challenges in 2026 The domestic steel industry has positive prospects in 2026, though rising competition and export headwinds are widening performance gaps among producers. Hoa Phat launches steel pipe manufacturing facility in Tay Ninh On April 18, Hoa Phat Group held the inauguration ceremony for its Hoa Phat Long An Steel Pipe Plant in Tay Ninh, marking a new step in the group’s strategy to expand market share. Pebsteel factory gains LEED Gold for sustainable operations Pebsteel’s factory in Ho Chi Minh City has been awarded LEED Gold certification from the US Green Building Council, marking a significant milestone in the company’s sustainable development journey.