Steel Industry - Economic Pillar and Step into the Global Game

The steel industry - the heart of heavy industry - has been and continues to be a decisive factor for the sustainable development of the Vietnamese economy. With strong growth in demand from the construction, infrastructure and export markets, the steel industry is entering a boom period, where opportunities and challenges intertwine, creating inspiring stories of innovation and breakthroughs.

Steel industry context in global competition

The world of steel has always operated as a “big playground” – where production scale, operating costs and advanced technology become three vital factors to gain an advantage. For Vietnam, the steel industry not only serves domestic demand but also plays an important role as a “push” to open the door to global integration.

Domestic market: In recent years, the wave of investment in infrastructure projects such as highways, airports and social housing has caused the demand for construction steel to grow strongly. Vietnamese steel is present on every bridge, road and roof – the marks of modernization.

International market: Countries such as the US, EU and Japan are increasingly setting strict standards on product quality and traceability. This is both a pressure and a driving force for the Vietnamese steel industry to increase added value, thereby not only "meeting" but also "exceeding" the expectations of global partners.

Vietnam Steel Corporation - Joint Stock Company (VNSTEEL) "VNSTEEL coil steel, Southern Steel ribbed steel and Viet Uc ribbed steel were honored as National Brands in 2024.

Despite strong progress, the steel industry still faces numerous challenges such as raw material costs for iron ore and coking coal, which depend largely on imports and are always unpredictable, putting pressure on the ability to control prices. In addition, the presence of cheap steel from China, which is famous for its huge production scale, requires Vietnamese businesses to constantly innovate and optimize operations to maintain market share. Not stopping there, pressure from emission reduction and environmental protection requirements makes the steel production problem even more complicated, forcing the industry to find a more sustainable direction.

But in these challenges, quality is still the fulcrum for the Vietnamese steel industry to affirm its position. If steel is the "backbone" of the industry, then quality is the "soul" that determines the strength and reputation of Vietnamese brands. In recent years, a series of enterprises have bravely invested in advanced technologies such as electric arc furnaces (EAFs) and closed-loop steelmaking systems. Not only stopping at increasing productivity, these solutions also help reduce emissions, bringing a "greener" image to Vietnamese steel in the international arena.

The National Brand title helps Vietnamese steel products affirm their quality.

Steel Industry - Economic pillar and step into the global game

As part of the sustainable economic development strategy, the Vietnam National Brand Program is considered a prestigious “gold medal” for pioneering enterprises, not only ensuring superior quality but also demonstrating a strong commitment to the community. For the steel industry - the backbone of heavy industry, this title is a strong testament to the constant innovation and pioneering spirit of Vietnamese enterprises.

Typical enterprises such as VNSTEEL, VAS Nghi Son, ATAD Steel Structure Joint Stock Company, Nam Kim Steel Joint Stock Company and many others have successfully entered the list of National Brands, bringing great pride to the steel industry. Each steel product not only reaches the pinnacle of technology but also represents core values: business ethics, social responsibility and environmental protection. This is not only a "passport" opening the way to the international market but also affirming the position of Vietnamese steel in the global arena.

Time

Source: https://thoidai.com.vn/nganh-thep-tru-cot-kinh-te-va-buoc-tien-vao-cuoc-choi-toan-cau-208075.html