Vietnam is setting ambitious goals for its steel industry, aiming to meet 80-85% of domestic steel demand by 2030, according to the freshly approved Steel Industry Development Strategy for the period up to 2030, with a vision toward 2050.

The European Commission has imposed anti-dumping duties of 12.1% on hot-rolled steel imports from Vietnam, according to the Ministry of Industry and Trade.

Vietnam earned $3.7 billion from exporting 5.66 million tons of steel in the first half of 2025, down 22.5% in value compared to the same period last year.

Trump’s tariff hike shocks global markets, but Vietnam’s steel ambitions may be perfectly timed.

While Vietnam is not the largest exporter of steel and aluminium to the US, domestic businesses will still face significant challenges due to this policy.

The Commercial Counsellor and Head of the Vietnam Trade Office in the US pointed out that US producers have yet to meet domestic steel demand fully, leaving room for Vietnam’s exported steel and aluminium products in the market.

VN steel and aluminum products are renowned for their competitive prices and high quality, offering significant value to the US economy by helping curb inflation and fostering stronger bilateral trade ties, a point echoed by many importing nations.

The U.S. government's decision to impose a 25% tariff on imported steel sent shockwaves through Vietnam’s steel industry, causing Hoa Phat Group chairman Tran Dinh Long to lose $80 million in a single trading session.