Vietnam to build giant steelworks

• 29 March 2017
• Local News
• 3148 Views

A giant steelworks manufacturing complex is to be built in central Vietnam as part of a government plan to reduce the nation’s dependence on Chinese steel imports.

Hoa Phat Group will build a USD2.7bn facility in Quang Ngai province with a total eventual capacity of 6 tons per year. The government plans to build 10 similar plants nationwide in an effort to offset the 18 million tons of steel that Vietnam imports every year, 60 percent of which comes from China.

The Hoa Phat plant will also create an estimated 8,000 jobs and USD2bn in revenue.

The move for national control comes after a number of financial and environmental disasters caused by Taiwanese producers based in Vietnam.