Planning to invest approximately 120 trillion VND (around 4.8 billion USD), Long will construct Bai Dong Port, Hoa Phat Iron and Steel Complex, and Hoa Tam Industrial Park based on the memorandum of understanding signed with the province on March 3rd.
The three projects, consisting of Bai Dong Port, Hoa Phat Iron and Steel Complex, and Hoa Tam Industrial Park, are expected to create job opportunities for 20,000 people and contribute 10 trillion VND (400 million USD) annually to the province's economy.
Hoa Phat is the largest steel producer in Vietnam and Southeast Asia, producing 8.5 million tons of steel annually. With another project, Dung Quat 2, worth 3 billion dollars, upon completion, Hoa Phat's production capacity will reach 14 million tons annually, placing the company among the world's top 30 steel producers by 2025.
Hoa Phat's investment in Phu Yen is a significant development for the Vietnamese economy and the steel sector. The investment will create new job opportunities, stimulate investment in the region, and boost Vietnam's steel production.
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