Vingroup Begins Construction of Green Steel Complex VinMetal in Vietnam
Vietnam's Vingroup has begun construction of a state-of-the-art steel production complex, VinMetal, in Ha Tinh province. The project, launched in 2019, aims to lead the way in green steel production, using carbon-reducing technologies and renewable energy. With an initial investment of VND10 trillion ($380 million), VinMetal seeks to supply high-quality steel for Vingroup's core sectors and major infrastructure projects.
VinMetal's Phase 1 will have an annual capacity of five million tonnes. The complex will produce a range of steel products, including sheet steel, automotive body steel, rails, and structural steel for bridges and railways. Initially, VinMetal will focus on meeting Vingroup's internal material needs, supporting sectors like Vinhomes real estate and VinFast electric vehicles. However, the company's long-term goal is to develop Vietnam's heavy industries and secure high-quality steel supply for major projects like the North-South high-speed railway.
Vingroup's vice chairman and CEO, Nguyen Viet Quang, sees VinMetal as a strategic preparation for a modern, green, and sustainable infrastructure future for Vietnam. The establishment of VinMetal marks a significant milestone in Vingroup's development strategy across its five business pillars.
With VinMetal, Vingroup is investing in a greener future for Vietnam's steel industry. The complex, set to produce five million tonnes of steel per year, will initially serve Vingroup's core sectors before expanding to support major infrastructure projects. By applying carbon-reducing technologies and reusing energy from renewable sources, VinMetal aspires to become a leader in green steel production.
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