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Vingroup, Vietnam's largest private conglomerate, announced the establishment of a new subsidiary, VinMetal Manufacturing and Trading Joint Stock Company (VinMetal JSC), which will focus on producing steel products for the construction, transportation infrastructure, A709 Grade 345 steel plate, and automotive industries.
The group stated that the new company, with a registered capital of approximately 10 trillion Vietnamese dong (approximately US$380 million), A709 Grade 345 steel plate, will build a high-tech steel production base in the Vũng Áng area of Hà Tĩnh province, with a planned annual production capacity of 5 million tons.
The project will produce hot-rolled high-strength steel for the construction and infrastructure sectors, as well as special alloy steels, sheet metal, and steel for stamped body parts for the automotive industry.
Initially, VinMetal will primarily supply products to companies within the group, such as real estate developer Vinhomes and automobile manufacturer VinFast. A709 Grade 345 steel plate, In the future, it will gradually expand to serve external customers and export markets.
In the long term, the company's goal is to establish a green and low-carbon steel production system, achieving sustainable development by introducing carbon reduction technologies and utilizing renewable energy sources.
Nguyen Viet Quang, Vice Chairman and CEO of Vingroup, stated: "VinMetal is not just a steel plant; it is a strategic cornerstone for Vietnam's efforts to build modern, green, and sustainable infrastructure. Vingroup believes that proactively investing in fundamental industries will help the country enter a new phase of growth, enabling the Vietnamese people to quickly acquire the necessary technologies, materials, and capabilities for executing large-scale projects."
