GOV’T SETS STEEL SELF-SUFFICIENCY GOAL FOR 2050

Hot-rolled steel coils are seen at a facility in Vietnam - PHOTO: ARCHIVES

HCMC – The Government has approved a steel industry development strategy targeting 80–85% of domestic demand to be met by local production by 2030 and full self-sufficiency by 2050.

Deputy Prime Minister Bui Thanh Son on February 9 signed Decision No. 261/QD-TTg approving the strategy, reported the Government news website (baochinhphu.vn).

Under the plan, crude steel output is projected to reach 25–26 million tons per year by 2030, with average annual growth of 7–8%. Finished steel production is targeted at 32–33 million tons. Per capita steel consumption is estimated at 270–280 kilograms per year, with domestic producers meeting up to 85% of demand.

The domestic supply ratio is expected to rise to 85–90% by 2035 and fully meet local demand by 2050.

The strategy calls for modernizing production, promoting environmentally friendly technologies, and shifting toward higher value-added products that meet international standards.

Authorities aim to gradually replace imported products, particularly alloy steel, tool steel, and specialty steel used in manufacturing. Investment will be encouraged in high-tech and green steel projects serving transport, energy, shipbuilding, and defense industries.

Priority products include high-strength steel plates, prestressed steel, corrosion-resistant stainless steel, high-speed railway rails, seamless pipes for LNG transport, wind turbine towers, and specialized steel products.

Large-scale projects will be located in areas with deep-water ports, favorable logistics, and access to renewable energy to improve efficiency and reduce costs.

Data from the Vietnam Steel Association showed the country imported more than 16.1 million tons of steel worth over US$11.1 billion in 2025, with 57–58% sourced from China. Domestic crude steel output rose 12.2% to 24.66 million tons, while finished steel production increased 9.6% to 32.26 million tons.

Finished steel exports fell nearly 38% to around five million tons last year. Exports of hot-rolled coil dropped by more than 60%.

Source: The Saigon Times