Vietnam joint-stock manufacturing and trading company VinMetal has received approval from Ha Tinh province for an investment of VND80 trillion ($3.1 billion) to build a VinMetal steel plant in the Vung Ang economic zone, according to local media reports. The project will be one of the largest heavy industry investments in the region.
Planned annual capacity of five million tons
In the initial phase, the steel plant will have a planned annual capacity of approximately five million tons. The plant is expected to produce hot-rolled steel, high-strength steel and specialty alloy steel products. These products will serve industries such as electric vehicle manufacturing, transport infrastructure and construction, supporting Vietnam's expanding industrial base.
The plant is also expected to help reduce dependence on imported steel, while contributing to the wider industrial supply chain in the Vung Ang Economic Zone.
Local authorities expect the project to create around 1,000 jobs and contribute to industrial growth and local revenue once operational. operation.
