VNSTEEL Sets the Target of 3.095 Million Tonnes of Finished Steel Output in 2024
- 140
- Business
- 15:50 18/01/2024
DNHN - Based on forecasts and assessments of the market situation, VNSTEEL has set a target of 3.095 million tonnes of finished steel output in 2024, assuming favourable market conditions.
2023 was a challenging year for the Vietnamese steel industry, impacted by both domestic and international factors. The real estate market, the main outlet for domestic steel, continued to experience a downturn, with some segments even freezing due to legal bottlenecks, difficulties in accessing credit from banks, and declining household incomes.
The public investment channel was also not optimistic due to low disbursement rates and reduced demand for steel in highway projects. The export market faced strong competitive pressure from cheap Chinese steel flooding the global market.

With weak demand, the average price of most types of steel on the world market in 2023 decreased by 12-15% compared to 2022. Overall, iron ore prices increased sharply at the end of the year but still decreased slightly by 0.34% compared to 2022.
At the end of 2023, VNSTEEL saw a 13% decrease with more than 2.93 million tonnes of finished steel consumed, of which construction steel decreased by 20% and flat steel increased by 17%. In December 2023 alone, consumption output increased by 23% compared to the same period in 2022.
Moving into 2024, VNSTEEL forecasts that the steel market will continue to experience unpredictable fluctuations amidst a challenging global economic growth outlook. However, according to the World Steel Association, global steel demand is expected to grow by 1.9%, while the ASEAN and European regions are projected to see growth of 5.2% and 5.7% respectively.
With Vietnam’s socio-economic development plan for 2024, VNSTEEL expects domestic steel demand to recover and grow by 7% compared to 2023. The recovery is expected to be more evident in the second half of 2024 as the real estate sector in Vietnam gradually recovers.
To achieve this goal, VNSTEEL is committed to maximising all resources, promoting proactiveness and creativity, and driving the emulation movement to exceed the targets set for 2024.
PV
Related news
- Foreign investors expected to open 150,000 new securities accounts in the next 5 years
- Government’s plan to implement Law on Digital Technology Industry approved
- Vietnam launches “Private Economy Panorama Model” to foster public-private national development
- Shark Nguyễn Hòa Bình: Hanoi will become the capital of startup innovation.
- Deputy Prime Minister Lê Thành Long meets with Osaka Governor Yoshimura Hirofumi to promote Vietnam–Japan cooperation.
- The master sales secrets of luxury king Bernard Arnault that make the world spend
- White House: When politics and technology join forces to rewrite the global AI order
- Da Nang proposes semiconductor cooperation with Oregon (USA)
- Quang Tri calls for investment in wind power plant project worth over VND 1,100 billion
- Hanoi receives two million visitors during the four-day National Day holidays
- Multiple MoUs signed in Da Nang to boost semiconductor development
- UNDP Resident Representative hails Vietnam as an emerging economic powerhouse
- How the UAE Transformed from Oil Wealth to AI Leadership?
- Success in business is always a human story
- Mr. Le Viet Thang, CEO of 1Office: "Don’t use old solutions for new ai challenges"
- VinFast: a strategic pivot amid the green industry storm?
- 127 high-value projects post-merger: Ho Chi Minh City rolls out the red carpet for strategic investors
- Pakistani Ambassador to Vietnam: “Peace and unity are the strength to build the future.”
- Vietnam's Semiconductor Leap: Five Strategic Policies to Reach 2027 Goal
- What’s Vietnam’s game plan as President Trump pressures the Fed?
Đọc thêm Business
Foreign investors expected to open 150,000 new securities accounts in the next 5 years
The Ministry of Finance has set an ambitious target to increase the number of securities trading accounts held by foreign investors in Vietnam to 200,000 by 2030—four times higher than the current figure.
Vietnam launches “Private Economy Panorama Model” to foster public-private national development
Billionaire Nguyen Thi Phuong Thao emphasizes that entrepreneurs’ responsibilities extend beyond profits to creating social value.
Deputy Prime Minister Lê Thành Long meets with Osaka Governor Yoshimura Hirofumi to promote Vietnam–Japan cooperation.
As part of his working visit to Japan and participation in the Vietnam National Day at EXPO 2025 Osaka, on September 8, Deputy Prime Minister Lê Thành Long held talks with Osaka Governor Yoshimura Hirofumi.
Larry Ellison’s lesson: Enduring success starts with fixing the market’s pain points
As of today, Larry Ellison has risen to become the world’s second-richest billionaire with a fortune of nearly $260 billion, surpassing familiar names such as Jeff Bezos and Warren Buffett.
The master sales secrets of luxury king Bernard Arnault that make the world spend
Billionaire Bernard Arnault, Chairman of LVMH (Moët Hennessy Louis Vuitton), controls more than 70 of the world’s most prestigious luxury brands, from Louis Vuitton and Dior to Moët & Chandon and Bulgari.
White House: When politics and technology join forces to rewrite the global AI order
The White House became the epicenter of global attention as U.S. President Donald Trump and First Lady Melania Trump hosted a high-profile state dinner, bringing together more than 20 of the most powerful leaders in technology and American business.
Warren Buffett: The contrarian billionaire – What can Vietnamese entrepreneurs learn?
Warren Buffett has never invented a piece of technology, created a product that changed the world, or relied on social media.
Vietnam Golf Course Owners Summit 2025: Driving sustainable growth in golf tourism and golf economy in Vietnam
Vietnam Golf Course Owners Summit2025 (VNGOS 2025), focusing on the sustainable development of golf tourism and the golf economy in Vietnam, will be held for the first time on October 30 - 31, 2025, at Laguna Lăng Cô Resort, Hue City.
President Luong Cuong’s visit to China: A message of Vietnam’s diplomacy
From September 2 to 4, 2025, President Luong Cuong led a high-level Vietnamese delegation to attend the 80th anniversary of the world’s victory over fascism and to carry out a series of high-level diplomatic activities in China.
Prof. Dr. Huynh Van Chuong: A strategy to elevate Vietnam’s education on the global stage
On the occasion of the 80th anniversary of Vietnam’s education sector and the opening of the 2025–2026 academic year, Professor Huynh Van Chuong shared insights on key achievements in education quality management.