Vietnam Enters Top 10 Global Steel Producers; Hoa Pat (HPG) Leads Output
This Aveluro analysis covers HPG (Tập đoàn Hoà Phát) in the Metals sector. The classified event type is sector sentiment, with positive sentiment and a deterministic market-impact score of 4.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Doanh nghiệp, classified as a primary/top-tier source.
Key Facts
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Overview
Vietnam entered the top 10 global crude steel producers for the first time in April 2026, according to Worldsteel data. Output reached 2.1 million tons, up 4% year-on-year, pushing Vietnam past Italy. Hoa Phat Group (HPG), the largest steelmaker in Southeast Asia, contributed the most to this achievement, with 2026 production expected to exceed 14 million tons, a 30% increase from 2025.
Key Facts
- Vietnam produced 2.1 million tons of crude steel in April 2026, up 4% YoY, ranking 10th globally.
- Cumulative output for the first four months of 2026 reached 8.5 million tons, up 8.4% YoY.
- Hoa Phat Group (HPG) produced 11 million tons in 2025, accounting for 44.7% of Vietnam’s total.
- HPG’s 2026 production target is over 14 million tons, a 30% increase from 2025.
- Iran dropped to 12th place due to bombing of its steel plants, opening the top-10 slot for Vietnam.
- Vietnam’s crude steel output grew from 20 million tons in 2023 to 24.6 million tons in 2025.
- HPG’s Dung Quat steel complex is a key driver, producing high-quality steel for railways, automotive, and energy sectors.
What Happened
On May 22, 2026, the World Steel Association (Worldsteel) released its monthly report on global crude steel production. For the first time, Vietnam entered the top 10, with output of 2.1 million tons in April 2026. This milestone was attributed to the rapid expansion of domestic steelmakers, particularly Hoa Phat Group (HPG), which alone contributed nearly half of the country’s output. The report noted that Iran’s decline due to geopolitical disruptions (bombing of its steel plants) created an opening for Vietnam.
The Vietnam Steel Association highlighted that the industry has evolved from importing billets in 2000 to becoming self-sufficient in producing a wide range of steel products, including high-quality steel for mechanical engineering, shipbuilding, energy, and defense. HPG’s Dung Quat complex has been pivotal, producing specialized steels such as rail steel for high-speed railways and structural steel.
Market Context
HPG shares closed at VND 24,100 on May 25, 2026, up 0.63% with volume of 26.99 million shares. The stock has been supported by strong earnings momentum and the broader steel sector’s positive outlook. Vietnam’s steel industry has grown rapidly, with output increasing from 20 million tons in 2023 to 24.6 million tons in 2025, making it the largest producer in Southeast Asia. HPG, listed on HOSE, remains the dominant player with a market share of over 44%.
Strategic Significance
The milestone underscores Vietnam’s emergence as a global steel manufacturing hub, driven by large-scale integrated complexes like HPG’s Dung Quat. For HPG, the achievement reinforces its competitive advantage in producing high-value steel products, including those for infrastructure and renewable energy. The company’s 2026 production target of 14 million tons positions it to capture further market share domestically and potentially expand exports. The geopolitical tailwind from Iran’s decline also provides a temporary buffer against global oversupply concerns.
What to Watch
- HPG’s Q2 2026 earnings release, expected in July, for production and margin updates.
- Worldsteel monthly reports to see if Vietnam maintains its top-10 ranking.
- Any capacity expansion announcements from HPG, particularly at Dung Quat or new projects.
- Global steel demand trends, especially from China and the US, which could impact export opportunities.
- Geopolitical developments in Iran that could affect its steel output recovery.