The situation with the pandemic brought many problems to the market, however, Vietnamese steel producers continued to build new plants and expand their current production capacity. Some businesses have even published their new designs.
In the first quarter of 2020, Tue Minh Steel of VAS Steel officially commenced commercial production of a new long steel mill with an annual capacity of 500,000 tonnes.
In the same year, Hoa Phat also launched the second phase of the project in Quảng Ngãi province, which increased its pig iron and steel processing capacity to 3 million tons per year and 4 million tons per year, respectively.
According to the Hoa Phat Group, Vietnam’s current demand for hot rolled coils should be 12 million tons per year, and the annual demand growth should be about 10%.