Benchmarking the top 5 steel giants in Vietnam – What’s noteworthy in their 2025 growth strategies?
- duyenthu.vietdata
- Apr 25
- 1 min read
Updated: May 7
Vietnam’s steel industry continues to face mounting challenges, with export volumes declining and domestic competition intensifying.
🌍 In the U.S. market, although most Vietnamese steel products have been exempted from additional retaliatory tariffs, trade policy risks remain under the unpredictable stance of the Trump administration. Moreover, Vietnamese steel exporters still confront various trade remedy measures and heightened competition in key export destinations.
The U.S. Department of Commerce (DOC) recently announced preliminary anti-dumping duties ranging from 39.84% to 88.12% on galvanized steel imports from Vietnam. On another front, as of April 7, the European Commission (EC) issued its preliminary determination to impose a provisional anti-dumping duty of 12.1% on certain hot-rolled steel products originating from Vietnam, excluding those produced by Hoa Phat Dung Quat.
🏠 In the domestic market, the risk of cheap surplus steel being redirected from other countries into Vietnam is intensifying competitive pressure locally.
Although the Ministry of Industry and Trade has imposed anti-dumping duties of:
🔸 19.38% – 27.83% on hot-rolled coil (HRC) imports from China (effective March 8)
🔸 15% – 37% on galvanized steel from China and South Korea (effective mid-April)
…these measures have only partially alleviated pressure on the domestic market.
Amid heightened volatility in both international and domestic markets, the entire steel industry is under growing strain. Except for Hoa Phat, most steelmakers have set conservative targets for 2025, with notable reductions in profit forecasts compared to 2024.
The benchmarking table below highlights clear divergence in business strategies, capabilities, and market shares among Vietnam’s top five steel companies:
Source: Steel industry report Q1 2025 - Vietdata
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