Hanoi (VNA) – With bright signs seen in the lastmonths of 2023, many experts predicted that the domestic steel sector can recover in2024.
According to the Vietnam Steel Association (VSA), steel salesin November and December 2023 reached the highest levels in 20 months withgrowth between 20-40% for different products.
This year, along with a bright outlook of the domestic economyplus the government’s policies to promote public investment, steel production andconsumption may reach 29 million tonnes and 21.67 million tonnes, marking rises of 6.7% and 7.4% year on year, respectively, it said.
Meanwhile, Viet Dragon Securities forecast that constructionsteel sales of Vietnam’s leading producer – Hoa Phat Group, will surge 29% to4.8 million tonnes in 2024 due to higher demand for construction materials.
In the last month of 2023 alone, the Vietnam SteelCorporation (VSA) sold more than 324,300 tonnes of steel, up 53% over theprevious month and 36% year on year.
To meet the market's increasing demand, the Hoa Phat Group plansto put the second phase of its factory complex into operations in 2025,doubling the plant’s hot rolled coil production capacity to 6 million tonnes.
Steel expert Nguyen Van Sua held that as domestic firms haverecovered and stayed ready for opportunities, the government, ministries andsectors should design stronger policies to boost the real estate market tosupport the breakthrough of the steel sector in 2024.
He advised steel producers to focus on green production byapplying green technologies to reduce carbon emissions and expand exportmarkets.
VSA General Secretary Dinh Quoc Thai asserted that domestic steeldemands will surge again along with the recovery of the real estate market in 2024,with an expected increase of construction projects. The government is likely to speedup the disbursement of public investment capital in 2024 to create breakthroughgrowth, motivating the expansion of some sectors, including steel.
The Ministry of Industry and Trade said that it will continue to research andapply suitable trade defence measures to protect the domestic steel market, whilecoordinate with associations and businesses in the industry to graspopportunities in the domestic market.
Particularly in the third quarter of 2024, the ministry willcomplete the building of a steel strategy until 2030 with a visit to 2050 tolay a foundation for the industry’s fast and sustainable growth./.
The determination of the Government, ministries, sectors and localities to promote disbursement of public investment, and efforts taken to address difficulties and speed up the development of the real estate market are positive signs for the steel industry to regain growth momentum in the remaining months of 2023 and early 2024, according to insiders.
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Vietnam should sketch out specific policies to provide financial support to motivate steel enterprises to invest in new green technologies, Deputy General Director of the Vietnam Steel Corporation and Vice Chairman of the Vietnam Steel Association (VSA) Pham Cong Thao said in an interview with VietnamPlus e-newspaper.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA) 
