[SMM Steel] Vietnam steel sector shows widening divergence, major players strengthen dominance

Published: Apr 29, 2026 19:38

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[SMM Steel] Vietnam’s steel industry is becoming increasingly polarized in Q1 2026, with leading players consolidating market share. Hoa Phat Group led the construction steel segment with 36.06% share, followed by VNSTEEL at 12.92%, while smaller producers collectively held over 40% but remained highly fragmented. Export weakness has shifted competition toward the domestic market, intensifying pricing pressure. Large integrated players benefit from cost control and vertical integration, while export-oriented firms such as Hoa Sen Group and Nam Kim Steel face margin pressure amid rising trade barriers. The industry focus is shifting from volume expansion to cost efficiency and margin sustainability.

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