Vietnam's steel production and consumption are forecast to reach 29 million tons and 21.67 million tons in 2024, an increase of 6.7 percent and 7.4 percent year on year, respectively, Vietnam News Agency reported Thursday, citing the Vietnam Steel Association.

The agency cited experts as saying that the domestic steel sector can recover in 2024.

The association's general secretary Dinh Quoc Thai said domestic steel demands would surge again along with the recovery of the real estate market in 2024, with an expected increase of construction projects.

The government is likely to speed up the disbursement of public investment capital in 2024 to create breakthrough growth, motivating the expansion of some sectors, including steel, he said.

Vietnam's steel sales in November and December 2023 increased by 20 percent to 40 percent for different products, reaching the highest levels in 20 months, reported the Vietnam Steel Association.