Founded in 2007 as a Vietnam–China joint venture, VTM was designed to build an integrated mining and steel production value chain aimed at reducing Vietnam’s dependence on imported raw materials. The project included the development of the Quy Xa iron ore mine and the Lao Cai iron and steel complex.
However, over the years the project has become one of the persistently loss-making industrial investments due to operational and financial challenges. The ownership structure has also changed recently. Chinese partner Kunming Iron & Steel Holding Co. (KISC) transferred its 45% stake in VTM to Vietnam-based Thu Do Mining JSC, which was established in late 2025 with a capital of VND 1.2 trillion (USD 45.61 million).
The Quy Xa iron ore mine, located in Lao Cai province, is reported to have reserves exceeding 73.2 million tons and is planned to reach a production capacity of up to five million tons per year over an estimated lifespan of 16 years.
The Vietnam Ministry of Industry and Trade previously described the Quy Xa deposit as one of the largest and highest-quality iron ore reserves in Southeast Asia.
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