Vietnam's steel production on the rise
Vietnam continues to strengthen its metallurgical sector with growth in steel production. Thanks to the government's strong support for the sector, the country overtook Taiwan and Indonesia in crude steel production in 2023. However, it moved up from 13th to 12th place in the global ranking.
Huge investments from Hoa Phat
Hoa Phat Group, one of Vietnam's leading players in the industry, is building the Hoa Phat Dung Quat 2 Iron and Steel Production Complex in Quang Ngai Province with an investment of nearly $3 billion. The project is expected to start production in 2024, and the move is expected to help the company become one of the world's top 30 steel producers by 2025. Hoa Phat also announced plans for three more major projects in Phu Yen Province in Central Vietnam.
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