In 2016, Vietnam's domestic steel demand totaled 22 million tons, ranking the 11th in the world. The demand for steel grew at an average annual rate of about 10%. It is estimated that by 2020, it will reach 30 million tons and rank among the 8th to the 9th in the world. Statistics from the Vietnam Iron and Steel Association show that in 2016, the construction and construction market in Vietnam increased by about 10% year on year. In 2016, the total steel consumption in Vietnam was about 20 million tons, an increase of about 8% over the same period of previous year. Among them, the long material accounted for about 60%, plate and steel accounted for 30% and 10% respectively. Vietnam's steel imports ranked first in Southeast Asia, with an average annual import volume of 80 billion US dollars, benefiting from the construction and construction industry market, Vietnam's steel demand is expected to further improve.
At present, Vietnam is vigorously implementing infrastructure construction and attracting the attention of the global steel industry. Many internationally renowned steel companies are seeking to invest in the construction of steel manufacturing enterprises or steel deep-processing enterprises in Vietnam. With the smooth operation of Hejing Iron and Steel Plant, the largest steel project in Vietnam, and the further development of the "Belt and Road" project this year, Vietnam has become a new highland in the global steel industry.
Vietnam's domestic steel demand will continue to grow steadily. With the rapid development of the domestic economy in Vietnam, the Vietnamese government will continue to expand investment in infrastructure construction. In 2016, Vietnam had an urbanization rate of 34.6%, which provided more room for improvement.