Vietnam's finished steel production is projected to hit 30 million tons this year, marking a 7 percent increase, Vietnam News reported Wednesday, citing the Ministry of Industry and Trade.

Finished steel production reached nearly 17 million tons in the first seven months of this year, up 9.4 percent year on year.

Coated and color-coated steel led the growth with a 29.2 percent surge, followed by construction steel (14.6 percent) and hot-rolled coil (2.9 percent).

Finished steel consumption climbed 14.3 percent, reaching 16.75 million tons, said the report. The country's steel exports were estimated at nearly 4.9 million tons during the cited period, marking a 6.8 percent increase.

The Vietnam Steel Association predicted that continued growth in the industrial production sector and recent enactment of new real estate and land laws could spur a positive recovery in the steel market during the latter part of the year.