The Steel Industry Development Strategy to 2030, with a vision to 2050, was approved under a decision signed on February 9 by Deputy Prime Minister Bui Thanh Son.
Under the plan, Vietnam will prioritise high-quality steel products that meet national and international standards, diversify output and gradually shift towards higher value-added and environmentally friendly products. The strategy also seeks to maximise the use of raw materials, meet domestic demand, boost exports and strengthen the country’s position in global value chains.
Authorities aim to restructure the industry to gradually replace imported steel, particularly alloy steel, tool steel and specialised products serving domestic manufacturing.
By 2030, crude steel production is targeted at 25 to 26 million tonnes per year, expanding at 7 to 8 per cent annually. Finished steel output is projected to reach 32 to 33 million tonnes per year, with annual growth of 5.5 to 6.5 per cent. Per capita steel consumption is expected to rise to 270 to 280 kg per year.
Between 2030 and 2035, domestic supply is forecast to cover 85 to 90 per cent of demand, with priority given to high-value steel products for supporting industries including automobiles, shipbuilding, mechanical engineering and energy.
Looking further ahead, by 2050 the Government envisions crude steel production of 65 to 70 million tonnes annually and finished steel output of 75 to 80 million tonnes. Per capita consumption is projected to reach 570 to 650 kg per person, approaching levels seen in developed economies.
The strategy places strong emphasis on green steel development. New investment projects will be required to adopt advanced and environmentally friendly technologies to reduce carbon emissions, a move considered crucial for expanding exports and deepening integration into global supply chains.
A key breakthrough task is the development of specialised steel for national strategic infrastructure. The Government has called on the industry to master technologies for producing rail steel for high-speed rail projects, alongside high-strength steel plates, prestressed steel, specialised steel for prestressed reinforced concrete and ultra-light steel for transport.
Priority areas also include corrosion-resistant stainless steel, seamless pipes for liquefied gas transport and shipbuilding, steel for offshore wind turbine towers, and strengthening domestic capacity to produce steel for defence and security manufacturing.
The strategy further calls for stronger linkages across the steel value chain, from research and raw material supply to production and distribution, in a bid to build a more resilient and self-reliant industrial ecosystem.
