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Vietnam is setting ambitious goals for its steel industry, aiming to meet 80-85 per cent of domestic steel demand by 2030, according to the freshly approved Steel Industry Development Strategy for the period up to 2030, with a vision toward 2050.
Under the strategy, approved under Decision 261/QD-TTg signed by Deputy Prime Minister Bui Thanh Son on February 9, Vietnam will focus on producing high-quality steel products that meet national and international standards; diversify products, gradually transition to higher value-added, environmentally friendly products, and maximise the use of raw materials, thus meeting domestic demand, boosting exports, enhancing competitiveness, and deeply integrating into the global value chain.
It will also shift the product structure to gradually replace imported steel, especially alloy steel, tool steel, and specialised steel products for domestic manufacturing industries.
Crude steel production is targeted at 25–26 million tonnes per year, with annual growth of 7–8 per cent, while finished steel output is expected to reach 32–33 million tonnes per year, growing by 5.5–6.5 per cent annually. Per capita steel consumption is projected at 270–280 kg per year.
During the 2030–35 period, domestic supply is expected to cover 85–90 per cent of demand, with priority given to high-value steel products for supporting industries such as automobiles, shipbuilding, mechanical engineering and energy.
Looking further ahead, by 2050 the Government envisions Vietnam producing 65–70 million tonnes of crude steel and 75–80 million tonnes of finished steel annually, with per capita consumption approaching levels seen in developed economies at 570–650 kg per person.
The strategy also places strong emphasis on the development of green steel. New investment projects will be required to adopt advanced and environmentally friendly technologies to cut carbon emissions, a move seen as critical for expanding exports and integrating more deeply into global supply chains.
A key breakthrough task under the strategy is the development of specialised steel for national strategic infrastructure. The Government has called on the industry to master technologies to produce rail steel for high-speed rail, a flagship national project, alongside high-strength steel plates, prestressed steel, specialised steel for prestressed reinforced concrete and ultra-light steel for transport.
Priority is also given to corrosion-resistant stainless steel, seamless steel pipes for liquefied gas transport, seamless pipes for shipbuilding and steel for offshore wind turbine towers. Strengthening domestic capacity to produce defence and security-grade manufacturing steel is listed as another top priority.
The strategy further calls for stronger linkages across the steel value chain, from research and raw material supply to production and distribution, with the aim of building a more resilient and self-reliant industry ecosystem.
- (VNA/VLLF)
