Vietnam’s leading steelmaker Hoa Phat has produced 416,000 metric ton of crude steel, equal to 60% of the same period in 2022. Its sales volume of construction steel, hot rolled coil steel and steel billet reached 475,000 metric ton, equal to nearly 70% compared to February 2022.Hoa Phat’s consumption of steel products in both domestic and foreign markets decreased over the same period. This reflected two different states of the construction market in early 2022 and 2023. In the first quarter of 2022, the construction steel consumption reached a record high thanks to strong growth in market demand. In 2022, the market was quiet due to weak demand, leading to negative steel consumption.