HANOI: Vietnam is sharpening its steel ambitions, with the government urging the industry to move beyond basic construction materials and towards greater self-reliance in producing specialised steel for automobiles, high-speed rail, energy infrastructure and national defence under a newly approved national strategy.
Deputy Prime Minister Bui Thanh Son on Monday signed a decision approving the national steel development strategy to 2030 with a vision to 2050, aiming to restructure the sector towards higher-value and technology-intensive production.
A core pillar of the strategy is a shift in product structure to reduce reliance on imports.
Rather than focusing mainly on conventional construction steel, where domestic capacity is already in surplus, the industry will prioritise high-quality products such as alloy steel, tool steel and specialised manufacturing steel.
Under the plan, Vietnam aims to meet 80% to 85% of domestic steel demand by 2030. Crude steel production is targeted at 25 to 26 million tonnes per year, with annual growth of 7% to 8%, while finished steel output is expected to reach 32 to 33 million tonnes per year, growing by 5.5% to 6.5% annually.
Per capita steel consumption is projected at 270 to 280 kg per year.
During the 2030-35 period, domestic supply is expected to cover 85% to 90% of demand, with priority given to high-value steel products for supporting industries such as automobiles, shipbuilding, mechanical engineering and energy.
Looking further ahead, by 2050 the government envisions Vietnam producing 65 to 70 million tonnes of crude steel and 75 to 80 million tonnes of finished steel annually, with per capita consumption approaching levels seen in developed economies at 570 to 650 kg per person. — Viet Nam News/ANN
