Hanoi, May 10 -- Private enterprises have emerged as a new engine of Vietnam's steel industry, helping transform production dynamics and drive the country's industrialisation and modernisation process.

Private firms taking the lead

According to the Ministry of Industry and Trade (MoIT)'s Industry Agency, private firms have led the sector in investment, technological innovation, capacity enhancement, and effective business operations.

Before private companies entered the scene, the steel industry relied primarily on the Vietnam Steel Corporation and its subsidiaries. The production process was rudimentary and fragmented, resulting in low quality and limited output. Before 2000, the country's total crude steel production stood at only so...