This strategic move highlights the group’s ambition to strengthen its presence in the industrial and technology sectors and to deepen its role in materials production.
According to a company statement released on Monday, VinMetal, with a registered capital of 10 trillion Vietnamese dong (USD 379 million), will build a high-tech industrial steel production complex in the Vung Ang Economic Zone in Ha Tinh Province.
In the first phase, the project targets an annual production capacity of 5 million tons. VinMetal will produce construction steel, hot-rolled coil (HRC), high-strength steel, and special alloy steel designed for electric vehicle manufacturing and high-speed transport infrastructure.
The company’s main products will include steel plates, automotive body sheets, rail steel, and structural steel used in bridges, ports, and railways. All production processes will be designed in accordance with international quality standards.
This initiative aims to reduce Vietnam’s dependence on steel imports and gradually transform the country into a regional steel exporter. In the initial stage, VinMetal will primarily serve domestic demand within the Vingroup ecosystem, especially Vinhomes real estate projects and VinFast electric vehicle production.
Vingroup also plans to supply high-quality steel for major infrastructure projects, including the North–South high-speed railway, Ho Chi Minh City–Can Gio, and Hanoi–Quang Ninh lines.
Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, who will also serve as CEO of VinMetal, emphasized that the new company is more than just a steel plant, stating: “VinMetal is a symbol of Vietnam’s strategic preparation for a modern, green, and sustainable infrastructure future.”
Quang stated that Vingroup’s proactive investments in core industries are part of the country’s vision to become a leader in technology, materials production, and the implementation of critical national projects.
Currently, Hoa Phat Group, led by Tran Dinh Long, holds the leading position in Vietnam’s steel industry. Hoa Phat is not only the sole domestic producer of rail steel but also one of the two local companies capable of producing hot-rolled coil (HRC).
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