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Vietnam’s Steel Shift Reshapes Domestic Market
Vietnam’s top steel producers—Hoa Sen, Nam Kim, and Ton Dong A—are shifting their focus back to the domestic market after years of export-led growth. Facing rising global trade tensions and export barriers, these industry giants are realigning strategies to capture growing local demand, particularly in infrastructure and construction.
This pivot marks a significant change. Previously, over 60% of production from these companies was shipped abroad. Now, domestic consumption dominates: Hoa Sen reports 62.6% of sales from the local market, Nam Kim has nearly doubled its domestic share, and Ton Dong A has surpassed 70%, aiming for 75% by year-end.
While this move strengthens Vietnam’s steel industry internally, it has intensified challenges for smaller trading businesses. Many distributors are grappling with high inventories purchased at peak prices during inflation, only to face falling steel prices and stiffer competition. SMC and Tiên Lên, two major traders, posted heavy losses in 2023. Although some recovery has been noted in early 2025, pressures remain high.
As large producers expand their footprint and reclaim distribution networks, independent traders are squeezed by reduced margins and capital strain. The market is becoming more competitive, and only those able to adapt to the evolving landscape will thrive.
Vietnam’s steel sector is consolidating—and traders must innovate or risk being edged out.
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