Steel demand in Vietnam is forecast to continue falling in 2023 due to the stagnant real estate market and tightening monetary policy, according to local media reports.
The recovery in the country’s steel exports will be slow given the economic downturn in many export markets. In 2022, Vietnam’s finished steel exports amounted to 8.39 million mt, down by 35.85 percent year on year, according to the Vietnam Steel Association. The country’s key export markets are the ASEAN region, Europe, the US, South Korea and China.
In 2022, steel production in Vietnam totaled 29.34 million mt, down by 11.9 percent, while steel sales in the country amounted to 27.3 million mt, decreasing by 7.2 percent, both year on year, as SteelOrbis previously reported.
