Hideo Kojima says that while he might consider making a sequel to Death Stranding, it's unlikely it would carry on directly from the first game. In an interview with Vulture, the developer said that if he were to make another game, he "would start from zero."
Kojima suggested that he'd be happy to work with Norman Reedus, who played main character Sam Porter Bridges in Death Stranding, but that any future projects probably wouldn't be part of a direct sequel. The developer has spoken before about his desire to establish a new 'strand' genre, so a new game could presumably build on the themes established in the first game, but is unlikely to pick up on exactly the same story beats. Of course, given the sheer volume of Kojima's mates who showed up in his recent game, I'm not sure how he'd make another game similar to this one without the addition of many familiar faces.
Kojima has previously said that he's hoping to make a horror game in future. Given how long some of his previous games have taken to make, that could mean a sequel to Death Stranding is still an awfully long way off – if it was ever made at all.