According to preliminary statistics from the General Department of Vietnam Customs, in the first six months of the year, Vietnam exported over 5.6 million tons of iron and steel, with a turnover of nearly $3.7 billion. This marks a decrease in both volume and value compared to the same period in 2024, mainly due to the slump in steel prices in the international market, which caused a significant drop in export turnover.
However, Vietnam’s iron and steel exports recovered in June, increasing by 4.3% in volume and 1.9% in value compared to the previous month. This indicates that many businesses have started to adapt, find niche markets, and take advantage of opportunities to boost exports.
Cambodia is currently the largest export market for Vietnamese iron and steel, with over 764,000 tons, valued at more than $437 million, showing a significant increase of 31% in volume and 18% in value compared to the same period last year. The average export price was $573/ton, a 10% decrease compared to the previous year. Cambodia has jumped to the top market position from its third-place ranking in 2024.
In the first half of the year, Italy rose to the second position, with over 565,000 tons, worth more than $358 million, a significant decrease of 33% in volume and 32% in value compared to the same period. The US market, which was the largest export market for Vietnamese steel in 2024, has now dropped to third place, with exports to the country decreasing by 43% in volume and 56% in value.
VSA stated that the steel industry faced multiple challenges in the first half of the year, including tariff barriers, trade defense measures, political conflicts, new policies, and unstable market conditions. These factors are expected to impact steel consumption.
According to VSA, the Vietnamese steel industry is undergoing a noticeable transformation due to tariff barriers, with many businesses focusing on automation, supply chain restructuring, domestic market expansion, and high-value-added product segments such as fabricated steel and stainless steel.
Additionally, the decrease in raw material prices has provided an opportunity for businesses to invest in technology upgrades and reduce their reliance on imported raw materials. The Vietnamese steel industry has demonstrated resilience and performed better than expected in the first half of 2025, despite the uncertainties in the global market. With stable production, growing domestic demand, and recovering exports, the domestic steel market has reasons to be optimistic for the second half of the year.
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