Vietnam Steel Corporation - Joint Stock Company (VNSTEEL) was established in 1995 from the merger of Vietnam Steel Corporation under the Ministry of Industry and Metal Corporation under the Ministry of Supplies. After more than 20 years of construction and development, experiencing many different periods and stages of economic innovation, VNSTEEL - with its leading role in the industry – has always accompanied the development of Vietnam in general and the development of metallurgical industry in particular.
Chang for better
VNSTEEL was formed when the country shifted into a socialist-oriented market economy, which brought both enormous opportunities and numerous difficulties and challenges to the corporation. Limited funds with obsolete technology were major difficulties of VNSTEEL in this period. But, by taking advantage of the opening market, VNSTEEL had gradually upgraded its capacity, production scale and technological level. VNSTEEL pioneered to technological upgrading. The corporation was the first to import modern steel laminating technology into Vietnam and was the first Vietnamese steelmaker to form joint ventures with foreign steelmakers in Vietnam. The advent of four VNSTEEL-led steel joint venture companies, namely Vinakyoei (Vietnam - Japan), Vinausteel (Vietnam - Australia), VPS (Vietnam - South Korea) and Natsteelvina (Vietnam - Singapore) with a total annual production capacity of 840,000 tonnes significantly contributed to the national industrialisation and modernisation.
Equitisation - New growth momentum
One of the most important milestones in VNSTEEL development took place on October 1, 2011 when VNSTEEL started to operate as a parent-subsidiary company with over 50 independent companies, affiliates, subsidiaries and associated companies, thus becoming one of the first State-owned enterprises (SOEs) to complete the equitisation plan.
More companies from different economic sectors are joining in the developing steel industry but VNSTEEL still holds a leading role in stabilising the steel market. VNSTEEL held 60 per cent of market share in the 1995 - 2000 period. The market share of VNSTEEL and its companies, affiliates, subsidiaries and joint ventures accounted for over 40 per cent of the market share. In the past years, VNSTEEL has constantly grown up and expanded. Its current rolled steel production capacity reaches 4.5 million tonnes a year and its annual revenue grows about 9 per cent. VNSTEEL’s product structure has been diversified with higher quality. Its typical products included high-strength construction steel, shaped steel, steel sheet, steel pipe, colour coated steel sheet, galvanised steel sheet and refractory materials to meet the demands of modernisation of VNSTEEL in particular and of Vietnamese steel industry in general.
Popular product brands include V-trademark laminated steel by VNSTEEL, TISCO steel by Thai Nguyen Iron and Steel Joint Stock Corporation (TISCO), Vinausteel by Vietnam - Australia Steel Company, Vinakyoei by Vietnam - Japan Steel Company, VPS by Vietnam - Korea Steel Company, PFS by Phu My Flat Steel Company, DNS by Da Nang Steel Company, SSSC by Southern Steel Sheet Company, and Thang Long Steel Sheet. Its business brands, comprising VNSTEEL - HNSTEEL Corporation (HNSTEELCORP), Central Vietnam Metal Corporation (Cevimetal) and Ho Chi Minh City Metal Corporation (HMC), are trusted by consumers. These brands have won a lot of prestigious domestic and international awards.
VNSTEEL - Cooperation and sustainable development
Right from the early 1990s, VNSTEEL pioneered to attract foreign investment in Vietnam. VNSTEEL pooled money to set up 16 steel production and business joint ventures with corporations from Japan, South Korea, Taiwan, Australia, Singapore and Malaysia. VNSTEEL also built relations with many leading metal manufacturers and traders in the world. VNSTEEL has been, and will be, continuing to cooperate with potential partners across the globe and demonstrated its great progress in international economic integration.
The development of VNSTEEL has illustrated the pioneering role and paved the way for the stronger development of Vietnamese steel industry. To assert its role in the steel industry and in Vietnam, VNSTEEL has focused on sustainable development and environmental protection by rationally using national resources, taking care of community interests and practically contributing to the cause of national industrialisation and modernisation.
After more than 20 years of construction and development, VNSTEEL has made ongoing efforts to surmount numerous difficulties and challenges. Million of tonnes of high-quality steel are being rolled out to build construction works in the nation. Prestigious awards and trophies are the recognition of the Party, the State and people for VNSTEEL’s contributions to socioeconomic development, security, defence and social welfare. These are sources of great motivations and solid foundations for VNSTEEL to succeed in the integrating economy.
Nguyet Tham
Vietnamese
