The Vietnam Steel Association (VSA) stated that 2021 was a favorable year for the Vietnamese and global steel industry.
In the context of effective trade agreements, this is an opportunity for Vietnam to join global supply chains, including Vietnam's steel industry. In 2021, despite everything presented by COVID-19, the steel industry still had good growth.
According to VSA's report, the country's crude steel production was estimated to reach 23 million tons in 2021, up 16% compared to 2020. Production of finished steel products of all kinds hit 33 million tons, up 19%, and finished steel consumption of all kinds got as far as 29 million tons, up 16% over the previous year. Export of steel products in 2021 also achieved positive results, reaching more than 14 million tons of finished and semi-finished steel with a value of more than USD 12.7 billion, greatly contributing to Vietnam’s foreign currency revenue sources. For the first time, steel export turnover exceeded USD 10 billion, and Vietnam's steel products were exported to more than 30 countries, regionally and globally.
2022 will be a promising year when the pandemic is under control, as a robust recovery in construction demand will cause a strong increase in steel consumption. It is expected that crude steel production will grow by 8-10% compared to 2021; with the production and consumption of finished steel products showing corresponding growth compared to 2021.
The Vietnam Country Report 2022 prepared by VietnamCredit revealed the top 10 companies in the steel industry of Vietnam in 2021. The usual prestige names in the industry are all presented in the list.
In the latest update included in the country report, Hoa Phat Group, Formosa Ha Tinh Steel, and Vietnam Steel Corporation are the three names at the top of the list.
Specifically, Hoa Phat Group took the first spot from Formosa Ha Tinh Steel, which ranked first in 2021. Established in 1992 as a company specializing in construction machinery, Hoa Phat has built a name for itself in many other fields in Vietnam such as furniture, construction steel, refrigeration, etc.
The net sales of Hoa Phat Group in 2021 reached VND 90,118,503,426,717.
In the second quarter of 2022, Hoa Phat Group achieved revenue of VND 37,714 billion, up 6% over the same period. In the first 6 months of 2022, Hoa Phat recorded VND 82,118 billion in revenue and VND 12,229 billion in profit after tax, completing 46% of the annual plan.
Followed in second place on the list of top steel companies in Vietnam in 2022 was Formosa Ha Tinh Steel Corporation, with net sales of VND 68,484,124,213,000 in 2021.
Viet Nam Steel Corporation claimed third place on the list with VND 31,291,145,094,080 net sales.
The rest of the list includes other notable names in the steel industry of Vietnam, such as Hoa Sen Group (net sales VND 27,530,749,513,834), Nguyen Minh Steel Group Joint Stock Company (net sales VND 16,615,974,112,374), VAS Group Nghi Son Joint Stock Company (VND 16,318,051,543,912), etc.