In the fourth quarter of last year, many of Vietnam’s steel manufacturers faced a deficit. The net loss of Hoa Phat Group was more than VND 2 trillion. Besides, its revenue fell by 42% year on year to VND 26 trillion.

Meanwhile, Hoa Sen Group, the Vietnam Steel Corporation, Nam Kim Group, and TISCO faced a loss of VND 680 billion, VND 410 billion, VND 356 billion, and VND 17 billion, respectively.

According to data from the Vietnam Steel Association (VSA), Vietnam’s steel product consumption in 2022 totaled 27.3 million tons, decreasing by 7.2% year on year.

Although the deficit kept continuing, Hoa Phat Group still maintained an optimistic attitude for this year and indicated the steel industry is recovering.