Steel sales in Vietnam drop 7% in 2022
Steel output in Vietnam dropped 11.9% year-on-year last year to 29.34 million tons, while sales fell 7.2% to 27.3 million tons, the Vietnam Steel Association (VSA) reported.
The VSA attributed the worse performance to the shrinking domestic market and complicated movements of steel material prices, despite the country’s impressive economic growth of 8.02% in the post-pandemic recovery period.
In 2022, Vietnam spent $11.92 billion on importing 11.68 million tons of steel products, up 3.04% year-on-year in value but down 5.62% in value. Major suppliers to the country were mainland China with 41.65% of the total, Japan with 15.06%, South Korea with 12.27%, Taiwan with 8.84%, and India with 6.5%.

Hot roll coils of Hoa Phat Group in Hoa Phat Dung Quat complex, Quang Ngai province, central Vietnam. Photo courtesy of the company.
Vietnam earned $7.99 billion from exporting 8.4 million tons of steel in 2022, down 32.2% and 35.85% year-on-year, respectively, per the VSA report. Major export destinations were ASEAN with 36.22% of the total, the EU with 18.37%, the U.S. with 10.57%, and South Korea with 6.8%.
In line with worse performance of the sector, listed steel firms recorded poor performances last year.
Hoa Sen Group
Hoa Sen Group, Vietnam's leading steel sheet producer, recorded a post-tax loss of VND680.23 billion ($28.99 million) in the last quarter of 2022, versus post-tax profit of VND638.32 billion ($27.2 million) in Q4/2021, according to the firm’s financial report.
The corporation, listed on the Ho Chi Minh Stock Exchange (HoSE) as HSG, posted a revenue VND7,917 billion ($337.38 million) in Q4/2022, down 53% year-on-year.
HSG clarified the fall in post-tax profit was due to the drop in gross profit, as a result of the decrease in gross profit margin.
Nam Kim Steel
Nam Kim Steel, another major steelmaker in Vietnam (HoSE: NKG), made a loss of VND66.7 billion ($2.84 million) in 2022, its first loss in 10 years, with net revenue reaching VND23,071 billion ($983.8 million), down 19% year-on-year.
The firm's most recent loss was more than VND105 billion ($4.48 million) in 2021.
Its net revenue in Q4/2022 was VND4,299 billion ($183.3 million), a 51% drop against the same period in the previous year, while profit after tax was negative VND356.3 billion ($15.19 million).
Vnsteel
Vietnam Steel Corporation (Vnsteel), a leading steelmaker, reported a loss of VND822 billion ($35 million) in 2022, while its profit hit VND859 billion ($36.63 million) the previous year.
The company, on the unlisted public company market UPCoM as TVN, recorded revenue of VND38,732 billion ($1.65 billion), down 5% year-on-year, according to its Q4 consolidated financial statement.
Notably, its joint ventures and associates posted a loss of VND734,800 billion ($31.33 million) in 2022, while 2021 saw a profit of VND155.7 billion ($6.64 million).
Hoa Phat Group
Hoa Phat Group, the largest Vietnamese steelmaker, recorded a post-tax profit of VND8.4 trillion ($358 million) in 2022, down 76% year-on-year.
For Q4/2022, it reported a post-tax loss of VND2 trillion ($85.29 million), worse than the Q3/2022 loss of VND1.79 trillion ($76.33 million), according to its financial report.
For the whole 2022, the group (HoSE: HPG) posted a revenue of VND142 trillion ($6.06 billion), falling 5% year-on-year, after recording a Q4 revenue of VND26 trillion ($1.11 billion), down 42%.
Thai Nguyen Iron And Steel JSC
Thai Nguyen Iron And Steel JSC, (UPCoM: TIS), saw a post-tax loss of VND9.46 billion ($403,100) in 2022, versus a post-tax profit of VND122.41 billion ($5.22 billion) a year ago.
The firm's revenue decreased to VND11,697.21 billion ($498.45 million) in 2022 from VND12,850 billion ($547.57 million) in 2021.
Domestic steel demand is expected to continue falling due to the stagnant real estate market and tightened monetary policy, according to Vietnam's leading broker SSI Securities.
Citing data from the Ministry of Construction, SSI Research said that the number of apartments licensed for construction in the first three quarters of 2022 plunged by 41% year-on-year. In addition, the implementation of backlogged projects may also be delayed as investors are facing liquidity problems.
The brokerage house believed that the domestic demand for finished steel products may suffer a single-digit decline in 2023. However, the acceleration of public investment may help offset some of the reduced steel demand from households.
- Read More
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7
Malaysia pledges big purchases, investments with US
Malaysia has agreed to buy and invest over $240 billion (MYR1.02 trillion) in the U.S. to help reduce the trade gap between the two countries.
Southeast Asia - Thu, August 7, 2025 | 12:08 pm GMT+7
Vietnam's leading property developer Novaland to issue 152 mln shares to settle $229 mln debt
Novaland, a major real estate developer in Vietnam, plans to issue nearly 152 million new shares to swap more than VND6 trillion ($228.8 million) worth of bond principal.
Companies - Thu, August 7, 2025 | 10:11 am GMT+7
Vietnam's FDI capital disbursement hits five-year record high despite US tariff turmoil
Disbursed foreign direct investment (FDI) capital in Vietnam reached $13.6 billion in Jan-July, up 8.4% year-on-year, despite U.S. tariff concerns.
Economy - Thu, August 7, 2025 | 9:57 am GMT+7
Malaysia steps up efforts to explore nuclear energy potential
Malaysia’s Minister of Science, Technology and Innovation Chang Lih Kang on Wednesday reaffirmed his ministry’s commitment to enhancing cooperation with the Ministry of Energy Transition and Water Transformation (PETRA) in exploring the potential of nuclear energy.
Southeast Asia - Thu, August 7, 2025 | 8:10 am GMT+7
Indonesia's economy grows faster than expected
Indonesia's economy expanded by 5.12% year-on-year in Q2/2025, up from 4.87% in the previous quarter, exceeding the forecasts of many economic organizations, which had previously projected a rate of less than 5%, according to Statistics Indonesia (BPS).
Southeast Asia - Thu, August 7, 2025 | 8:07 am GMT+7
Philippine energy group eyes investment in Vietnam’s power sector
AboitizPower wants to invest in Vietnam’s electricity industry, especially in transmission infrastructure, said Danel Aboitiz, executive director of the corporation.
Energy - Wed, August 6, 2025 | 11:11 pm GMT+7
Vietnam seeks 8.3-8.5% economic expansion for 2025
The Government has requested the State Bank of Vietnam to proactively adjust the credit growth aim for this year in line with a GDP expansion target of 8.3-8.5%.
Economy - Wed, August 6, 2025 | 10:41 pm GMT+7