Forecast: Metals Consumption in Vietnam

Vietnam's metals consumption has shown significant variability from 2013 to 2023, with notable surges and declines. Starting at a consumption level of 1.81 units in 2013, the trend saw fluctuations, plummeting to 1.15 units in 2015, and then increasing dramatically to 5.3 units by 2023. The year-on-year growth steeply rose by 4.54% in 2023, reflecting a consistent increase, as evidenced by the compound annual growth rate (CAGR) of 4.91% over the past five years.

Forecasting from 2024 onwards, metals consumption is expected to continue its upward trajectory, reaching 6.4 units by 2028. The projected five-year CAGR of 2.97% suggests a slower but steady growth, accumulating to an overall increase of 15.73% from 2024 to 2028.

Future trends to watch for include:

• Infrastructural investments and government policies enhancing metals demand.
• Industrial sector growth influenced by global metal prices and trade policies.
• Technological innovations that might impact material efficiency and consumption patterns.