Vietnam Enters Top 10 Global Steel Producers, HPG Leads Output Surge
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 Tuổi Trẻ - Kinh doanh, classified as a primary/top-tier source.
Key Facts
Caveat: Not investment advice. · How Aveluro computed this: Aveluro combines extracted event facts, source credibility, ticker context, and market data. Scores are deterministic research signals, not recommendations.
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Overview
Vietnam entered the top 10 global crude steel producers for the first time in April 2026, with output of 2.1 million tons, up 4% year-on-year, according to Worldsteel estimates. Hoa Phat Group (HPG), the largest steelmaker in Vietnam, is a key contributor, having produced 11 million tons in 2025 (44.7% of national output) and targeting over 14 million tons in 2026. This milestone underscores Vietnam’s rapid industrial scaling and self-sufficiency in steel production.
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, representing 44.7% of Vietnam’s total crude steel output.
- HPG targets 2026 crude steel output of over 14 million tons, a 30% increase from 2025.
- Vietnam’s total crude steel output in 2025 was 24.6 million tons, ranking 11th globally and first in Southeast Asia.
- The Vietnam Steel Association (VSA) forecasts 2026 steel production growth of 8-10%, with finished steel output of 33-34.5 million tons.
- Iran dropped out of the top 10 due to bombing of its Khuzestan and Mobarakeh plants by Israel.
What Happened
According to Worldsteel data cited by the Vietnam Steel Association (VSA), Vietnam’s crude steel output in April 2026 reached 2.1 million tons, a 4% increase from the same period in 2025. This output lifted Vietnam past Italy into the 10th position among global steel-producing nations. Iran, which had been in the top 10 through February 2026, fell to 12th place after Israeli airstrikes damaged its Khuzestan and Mobarakeh steel plants.
Hoa Phat Group (HPG) is the dominant domestic producer, accounting for 44.7% of Vietnam’s 2025 crude steel output of 24.6 million tons. The company’s integrated steel complex at Dung Quat produces high-value products including mechanical steel, tire cord steel, welding wire, spring steel, fasteners, crane steel, prestressed steel, and high-speed rail steel. HPG expects its 2026 output to exceed 14 million tons, a 30% increase from 2025, further solidifying Vietnam’s global standing.
Market Context
HPG shares closed at VND 24,100 on May 25, 2026, up 0.63% with volume of 26.99 million shares on HOSE. The stock has been supported by strong steel demand and Vietnam’s rising industrial profile. The broader steel sector is benefiting from infrastructure spending, manufacturing growth, and export expansion. Vietnam’s steel industry is now the largest in Southeast Asia, and the top-10 global ranking enhances the sector’s visibility among international investors.
Strategic Significance
Vietnam’s entry into the top 10 global steel producers marks a structural shift in the country’s industrial base. The milestone reflects the success of integrated steel complexes like Hoa Phat’s Dung Quat, which have enabled domestic production of high-quality steel grades previously imported. For HPG, the output target of 14 million tons in 2026 implies continued capacity utilization and potential margin expansion as the company moves up the value chain. The geopolitical disruption to Iranian steel supply also provides a tailwind for Vietnamese exports to markets seeking alternative sources.
What to Watch
- HPG’s Q2 2026 earnings release for production volume and margin data.
- Monthly Worldsteel reports to track Vietnam’s ranking sustainability.
- Trade policy developments, particularly any anti-dumping actions against Vietnamese steel in key export markets.
- Progress of HPG’s Dung Quat 2 expansion and any new capacity announcements.
- VSA monthly production and consumption data for the domestic steel market.