The Vietnamese government has recently approved a new development strategy for its steel industry, with a planning period extending to 2030 and a long-term vision formulated through 2050. This strategy aims to align Vietnam's steel sector with domestic and international standards while progressively enhancing its self-sufficiency.

According to the strategy, Vietnam plans to meet 80% to 85% of domestic steel demand by the end of this decade, with this proportion expected to increase to approximately 85% to 90% by 2035. Steel production capacity is projected to expand significantly, reaching an estimated 25 to 26 million tons by 2030, and 33 to 36 million tons by 2035; by 2050, capacity is expected to reach 75 to 80 million tons.

A core pillar of the plan is the development of domestic technological capabilities. Vietnam intends to bolster local production of high value-added and specialty steel products, including high-strength steel plates, pre-stressed steel, corrosion-resistant stainless steel for offshore and island infrastructure, ultra-lightweight steel for transportation equipment, cold-rolled sheets, and marine-grade steel. Concurrently, the government aims to support the research and development of steel materials required for strategic sectors. These include steel for energy infrastructure, rails for high-speed railway projects, seamless pipes for LNG transportation and shipbuilding, as well as components for manufacturing in the defense and security sectors.

The strategy also encompasses a broad range of policies and structural measures, including institutional reforms, market development, technology adoption, workforce training, and environmental protection. Furthermore, the strategy outlines specific actions for key product segments, including construction steel, alloy steel, section steel, metallic-coated and color-coated steel sheets, steel pipes, and hot-rolled products, aiming to stabilize both domestic consumption and export performance.