The Vietnamese government has vigorously developed the metallurgical industry. In 2023, crude steel production not only surpassed Taiwan and Indonesia but also improved the global crude steel production ranking from 13th to 12th.

In addition to its position as the leader in Southeast Asia, Hoa Phat is building the Hoa Phat Dung Quat 2 Iron and Steel Production Complex worth US$3 billion in Quang Ngai Province. It is expected that after the project is completed and put into production next year, the company's crude steel production may rank among the top 30 in the world by 2025.

In addition, Hoa Phat has announced another expansion plan to build three major projects in Phu Yen Province, Central Vietnam.

This time, Vietnam's expansion and joining the market competition will inevitably bring a more serious impact on the steel market in Southeast Asia and even the entire Asia.