Vietnam has, for the first time, broken into the world’s top 10 crude steel producers, marking a major milestone for its fast-growing steel industry, according to the World Steel Association (Worldsteel).

VOV.VN - Hundreds of Asian businesses will gather at the Southeast Asia Iron and Steel Institute (SEAISI) Conference & Exhibition 2024 which is scheduled to take place in Vietnam’s central Da Nang city from May 13 to 16.

VOV.VN - With positive signs recorded for steel exports in the first months of the year, the steel industry is anticipated to enjoy brighter export prospects this year, according to industry insiders.

Despite sluggish performance driven by a fall in steel prices, experts are optimistic about the steel industry’s recovery in 2024 as the Government's policies and the revised Land Law are put in place to support the realty market and the construction industry.

VOV.VN - The Vietnam Steel Association (VSA) hosted a workshop on September 13 in Hanoi to discuss the green growth strategy for the Vietnamese steel industry.

Domestic steel demand is expected to keep falling due to the property market slump and tightened monetary policy, economic downturn in many export markets and a rise in supply making the outlook for the industry in 2023 poor, analysts said.

The UK – Vietnam Free Trade Agreement (UKFTA) was providing significant opportunities for Vietnam to expand the export of steel and iron products in the UK.

Over-reliance on input material imports, small production value and outdated technology were among the major weaknesses of Vietnam's steel industry, said a recent report by the Ministry of Industry and Trade.

With a record export growth rate in the first nine months of 2021, steel is forecast to soon join the US$10-billion export club.

The Ministry of Industry and Trade (MoIT) has denied rumours that it proposed the establishment of a State stabilisation fund to cope with the sudden increase in steel prices that has impacted many businesses.