Vietnam’s steel market is entering a critical transition phase in 2025. With rapid urbanization, infrastructure expansion, and industrial growth, steel remains one of the country’s most vital commodities. According to the Steel import data of Vietnam, the nation imported steel worth $14.84 billion in 2024, marking a 19% year-on-year increase and solidifying its position as the 8th largest steel importer in the world. However, early 2025 data suggests a moderation phase, reflecting changing global trade dynamics, domestic policies, and supply adjustments.
This article explores the key trends revealed by the Steel import data of Vietnam, identifies major supplier nations, highlights Vietnam top steel importers, and assesses what lies ahead for the industry.
Vietnam’s Steel Import Performance: 2024–2025 Overview
In 2024, Vietnam imported around 17.7 million metric tons of steel—up 33% from 2023—with an import value of $14.84 billion, the highest ever recorded. The first ten months alone accounted for over 15 million tons, valued at $10.48 billion, showcasing Vietnam’s strong industrial momentum.
However, the Steel import data of Vietnam for the first two quarters of 2025 shows imports worth only $4.3 billion, an 8% year-on-year decline. This slowdown can be attributed to softer construction demand, tighter trade controls, and anti-dumping duties on certain steel products.
Despite the short-term cooling, Vietnam remains a central hub for regional steel trade due to its vast manufacturing base, growing urban infrastructure, and strategic trade location within ASEAN.
Vietnam Steel Imports by Country: Key Global Suppliers
The Vietnam steel imports by country data highlights that the nation relies heavily on a few regional heavyweights.
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China dominates with a 51% share of Vietnam’s total steel imports, valued at around $7.57 billion in 2024. Chinese hot-rolled coil (HRC) continues to be the main product imported due to competitive pricing and wide availability.
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Japan ranks second, contributing $2.51 billion (16.9%), known for its premium-grade and automotive steel.
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South Korea follows with $1.3 billion (8.8%), mainly providing coated and cold-rolled steels.
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Indonesia, Taiwan, India, and the USA together account for smaller but significant shares, reflecting a diverse yet regionally concentrated import structure.
This geographic mix underlines Vietnam’s dependence on East Asian steel giants while gradually diversifying its supplier base—a key strategic goal for long-term trade stability.
The Role of Vietnam Top Steel Importers
The Vietnam top steel importers play a pivotal role in managing supply chains and meeting domestic demand. According to trade reports and Steel import data of Vietnam, the following companies lead the sector:
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Hoa Phat Group – Imports worth $2.2 billion, focusing on hot-rolled coil and billets.
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Formosa Ha Tinh Steel Corporation – Imports around $1.9 billion in slabs and rolled steel.
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Pomina Steel Corporation – Imports $480 million, mainly scrap and alloy steel.
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Southern Steel Company (SSC) – Imports $390 million of billets and coils.
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VG Pipe and Vina Kyoei Steel Ltd. – Each import several hundred million dollars’ worth of coated and construction-grade steel.
These Vietnam top steel importers are the backbone of the industry, linking global suppliers with domestic infrastructure and manufacturing needs. Their import decisions shape pricing, availability, and downstream industrial competitiveness.
Historical Trends: Steel Imports in the Last Decade
Examining the Steel import data of Vietnam over the past decade reveals a consistent upward trajectory in both volume and value.
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2014: $9.29 billion
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2018: $12.01 billion
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2021: $14.74 billion
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2024: $14.84 billion
The import surge in 2024 was fueled by strong domestic demand and declining global prices, particularly due to abundant low-cost Chinese steel. However, as 2025 unfolds, a moderate correction is underway, signaling market stabilization and policy recalibration.
Product Breakdown: What Vietnam Is Importing
The Steel import data of Vietnam shows that three main categories dominate the country’s import structure:
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Hot-Rolled Coil (HRC) – Accounts for 70% of total steel imports in 2024, primarily from China. Domestic production meets only about 55% of HRC demand.
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Galvanized & Coated Steel – Essential for construction and appliances; imports rose 20% year-on-year.
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Steel Scrap – Vital for electric arc furnace operations, with 4.9 million tons imported in 2024.
These categories indicate Vietnam’s continued reliance on imports for intermediate and raw materials that feed its fast-growing manufacturing and infrastructure sectors.
Economic and Trade Implications
Vietnam’s dependence on steel imports affects both its trade balance and industrial policy. In 2024, the country exported around $8 billion worth of finished steel while importing $10.5 billion, resulting in a trade deficit of approximately $2.5 billion.
While this import-heavy structure poses challenges, it also supports Vietnam exports by reducing input costs for key sectors such as shipbuilding, construction, and machinery. The Steel import data of Vietnam illustrates how cheap imported steel enhances manufacturing competitiveness but squeezes domestic producers’ margins.
Government Policy and Trade Defense Measures
In response to record-high imports, the Ministry of Industry and Trade (MOIT) initiated several defensive trade measures in 2025. These include:
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Temporary anti-dumping tariffs on Chinese hot-rolled coil (HRC).
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Ongoing investigations into coated and galvanized steel imports from China and South Korea.
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Safeguard reviews for cold-rolled steel products.
These policies aim to protect local producers from unfair pricing practices while maintaining sufficient supply for domestic industries. The balancing act between protectionism and free trade is now shaping Vietnam’s next phase of industrial strategy.
Domestic Supply vs. Import Dependency
Despite new investments, domestic production still cannot fully meet Vietnam’s steel needs. The Steel import data of Vietnam indicates that for hot-rolled coils, the import dependency stands at 45%, while for steel scrap, it’s nearly 100%.
However, local mills such as Hoa Phat Dung Quat and Formosa Ha Tinh are expanding capacity, which could gradually reduce reliance on foreign suppliers. Achieving self-sufficiency will require not only capacity growth but also technological advancement in producing specialized and high-strength steels.
Outlook for 2025 and Beyond
The first half of 2025 shows a slight decline in import volume (–8%) and value (–6.5%), but Vietnam imports are still expected to rebound in the latter half as infrastructure projects resume.
Global steel prices are stabilizing, and domestic policy reforms are fostering a more balanced market. Vietnam exports of finished steel products may also increase as domestic manufacturers improve quality and scale.
Looking ahead, the focus will shift from rapid import expansion to building a sustainable steel ecosystem that balances affordability, quality, and self-reliance.
Conclusion
The Steel import data of Vietnam for 2024–25 reveals a sector in transition—from dependency toward diversification. Vietnam remains one of Asia’s largest and fastest-growing steel importers, but new trade measures and domestic investments are beginning to reshape the landscape.
With China still holding over half the market share, the next few years will determine whether Vietnam continues its reliance on imports or evolves into a self-sustaining regional steel hub. For businesses, traders, and analysts, keeping an eye on Vietnam steel imports by country and tracking Vietnam top steel importers will be crucial for navigating this dynamic market.
As the country stands at this crossroads, its steel story is one of resilience, reform, and readiness for a more balanced industrial future.