Forecast: Raw Steel Production in Vietnam

The raw steel production in Vietnam has shown significant variation over the past decade, with notable fluctuations between 2013 and 2023. The output peaked sharply in 2016 and saw continued growth, except for minor declines in 2019 and 2020. In 2023, the production stood at approximately 21.33 million metric tons, reflecting a modest year-on-year increase.

• Between 2022 and 2023, there was a noticeable increase of 5.37%.
• Over the past two years, the industry has witnessed variability but maintained an upward trajectory.
• The compound annual growth rate (CAGR) over the last five years has been 3.77%, indicating moderate growth.

Looking forward, Vietnam's raw steel production is forecasted to increase steadily, with an expected CAGR of 3.69% over the next five years, suggesting a total growth rate of 19.85% by 2028. Key trends to watch for include advancements in steel manufacturing technologies, shifts in domestic and international demand, and policy changes impacting the steel industry.