Steel consumption reached a high growth rate.

According to aggregated data from the Vietnam Steel Association (VSA), in the first six months of 2015, consumption of construction steel products reached over 3 million tons, an increase of 24.4% compared to the same period in 2014.

In the first six months of 2015, steel consumption achieved high growth (Photo: VT)

This growth was strongly driven by several large steel manufacturers, such as: Vietnam Steel Corporation (VNSTEEL), which achieved the highest consumption with 696,059 tons, accounting for 22.78% of the market share. Following closely behind were Hoa Phat Steel with 675,710 tons, accounting for 22.12% of the market share; Pomina Steel with 407,426 tons, accounting for 13.34% of the market share; and Vinakyoei with 246,262 tons, accounting for 8.06% of the market share.

Not only has construction steel seen impressive growth, but steel pipe products have also experienced steady growth in recent years. In the first six months of 2015, consumption reached 664,583 tons, a 34.7% increase compared to the same period in 2014, with exports reaching 80,370 tons. Hoa Phat Steel Pipe Company stands out for its high growth in steel pipe consumption, holding a 21.85% market share, equivalent to 145,300 tons. Following closely behind is Hoa Sen Steel Pipe, with consumption reaching 130,528 tons, accounting for 19.63% of the market share. These two companies have consistently topped the list of steel pipe manufacturers and distributors over the past years.

According to VSA, the growth of the steel industry has somewhat helped manufacturing businesses reduce inventory pressure and increase production. However, maintaining high growth rates is extremely difficult, due to increasingly fierce competition between domestically produced goods and imports.

According to the Communist Party of Vietnam