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

Related News

MEMBER CORNER / PROMOTIONS

QUARTERLY PIT FILING FOR EMPLOYMENT INCOME APPLIES FROM APRIL 2026

Deloitte Vietnam would like to update members of HKBAV on a recent change to Personal Income Tax (“PIT”) filing procedures, which applies from April 2026 onwards. On 7 April 2026, the Government issued Resolution No. 66.16/2026/NQ-CP, setting out its direction to reduce and simplify administrative procedures and regulations affecting business activities. The Resolution took effect on 15 April 2026.

May 29, 2026

VIETNAM MONTHLY STATISTICAL DATA

INFOGRAPHIC SOCIAL-ECONOMIC PERFORMANCE IN APRIL OF 2026

The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.

May 28, 2026

HOSPITALITY / TOURISM / ENTERTAINMENT

PHU QUOC MAKES UP OVER 80% OF AN GIANG’S TOURISM REVENUE

Phu Quoc Special Zone has accounted for more than 81% of An Giang Province’s tourism revenue so far this year, while attracting nearly all international visitors to the province. Tourism revenue in An Giang has reached an estimated VND33.17 trillion in January-May, up 37.2% from a year earlier. The province has welcomed more than 13.3 million visitors, up 12.1%, while international arrivals have grown 48.4% to around 1.18 million, reported the Vietnam News Agency.

May 28, 2026

VIETNAM ECONOMY INVESTMENT

VIETNAM OUTLINES SUSTAINABLE AGRICULTURE AGENDA FOR NEXT FIVE YEARS

Vietnam’s agriculture sector has set targets of achieving average annual GDP growth of 3.6-4%, increasing export revenue by 10-12% per year, and cutting greenhouse gas emissions by 8-9% over the next five years. The targets form the core of a broader strategy to shift from low-value agricultural production toward higher-value products and build an ecological, green and low-emission agricultural sector with more efficient resource management.

May 28, 2026

BANKING / FINANCE / INSURANCE / TAX

OUTSTANDING LOANS IN HCMC, DONG NAI TOP VND6 QUADRILLION

Total outstanding loans in HCMC and Dong Nai City had amounted to VND6 quadrillion as of April 2026, accounting for 31.1% of the total in Vietnam’s banking system. The latest figures were released on May 26 by Nguyen Duc Lenh, deputy director of the State Bank of Vietnam’s Area 2 branch, which oversees HCMC and Dong Nai City.

May 28, 2026

MEMBER CORNER / PROMOTIONS

KNIC OFFICIALLY HOLDS GENERAL CONTRACTOR CEREMONY FOR INFRASTRUCTURE CONSTRUCTION AT KNIC NAM LONG THANH IP

On May 21, 2026, KNIC officially launched the infrastructure construction for Phase 1 of KNIC Nam Long Thanh Industrial Park (Bau Can - Tan Hiep), spanning 1,000 hectares in Dong Nai. Following the completion of all key legal and planning procedures, this milestone marks the project’s transition into active on-site implementation.

May 27, 2026