In the early days of March, many steel mills increased prices three times (specifically, on March 5th by 400 VND/kg, March 9th by 600 VND/kg, and March 15th by 600 VND/kg), accumulating to a total increase of 1,600 VND/kg. Construction steel prices have reached a record high, experiencing an unprecedented and continuous surge.

Steel prices began rising after the Lunar New Year and have shown no signs of cooling down, even becoming more "shocking." Particularly surprising was the consecutive double increase of 600 VND/kg each time, which caught the market off guard. Transactions have slowed down, and buyers require more time to adapt to the new construction steel prices.

Many contractors have stated that the cost of construction materials constitutes around 65 - 70% of the project budget. Therefore, the current price increase has directly impacted the investment costs of numerous projects, constructions, and housing developments.